The US and China Lead Two Competing Blocs in a Splitting World Economy, says European Central Bank

European Central Bank President Christine Lagarde has indicated that the global economy is heading towards a split into two competing global blocs led by the US and China.

On Monday, the head of the European Central Bank expressed her opinion at a symposium of the non-governmental American Council on Foreign Relations.

“We are seeing the fragmentation of the world economy into competing blocs, each trying to unite as much of the rest of the world as possible around their strategic interests and shared values,” she said.

“It could very well be that there are two blocs at the center, led by the US and China respectively, the world’s two largest economies at the moment,” she added.

Source: TASS

Related Stories

Leave a Reply