August 25, 2017 / 7:20 PM / a year ago

ECB's Draghi warns of threat to global trade, openness

Aug 25 (Reuters) - Global trade and cooperation is under threat, a risk to productivity and ultimately growth in advanced economies, European Central Bank President Mario Draghi said on Friday.

Speaking at the U.S. Federal Reserve’s annual policy conference in Jackson Hole, Wyoming, Draghi added that the current environment of easy monetary policy makes a major relaxation of financial regulation dangerous.

“Given the large collective costs that we have observed, there is never a good time for lax regulation,” Draghi said in a speech that did not discuss current monetary policy. “But there are times when it is especially inopportune.”

“Specifically, when monetary policy is accommodative, lax regulation runs the risk of stoking financial imbalances,” he added. (Reporting by Balazs Koranyi; Editing by Chizu Nomiyama)

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