European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau said on Wednesday that tariffs imposed by the United States are likely to have a negative impact on the Eurozone and the global economy, including the US. He said they will force consumers to pay more, as well as restrain growth and innovation.
Villeroy criticized the unpredictability of the Trump administration, stating it is "bigger than anything we expected" and claiming it is not an efficient economic policy. He compared the stock market boom during US President Donald Trump's first term with the more muted recent response, arguing that unpredictability is also affecting the markets negatively. He insisted the European Union must "take our destiny into our own hands" through better integrating the single market, investments in new technologies and faster innovation.
