Dear ladies and gentlemen, dear guests, Welcome to the second lecture of foreign central bank governors this year. After hosting the Governor of the Central Bank of Estonia in March, today we have with us the Governor of the Croatian National Bank, Boris Vuji.
Why is such a potential setback in global openness to trade so worrisome? Naturally, the complexities of the trade and financial networks and interlinkages embedded in the global production framework, give rise to a multiplicity of channels through which higher tariffs and other protectionist measures can affect the world economy.