A more robust European single market rather than a trade war will be the “right answer” to challenges presented by protectionist policies such as the tariffs imposed by U.S. President Donald Trump, according to Portuguese Finance Minister Mario Centeno.
“We are always worried about protectionist policies, which I really don’t think is the way to lead our economies,” said Centeno, who on Monday had his debut presiding over the gatherings of euro-area finance ministers. “But we have to be ready and prepared to respond to that with the highest levels of competitiveness from our side.”
Europe has the largest single market in the world, Centeno said in the interview with Bloomberg Television’s Francine Lacqua at the World Economic Forum in Davos.
“I don’t think trade wars can be profitable for anyone.”