Geopolitical tensions are playing an ever-larger role in global trade relations, increasing the risk of fragmentation. A trade fragmentation scenario would result in welfare and trade losses and a rise in global prices https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202302_03~d4063f8791.en.html #EconomicBulletin

🐦🔗: https://n.respublicae.eu/ecb/status/1640990069283512323