Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Guillaume Benoit on 19 November 2024

25 November 2024

The future President of the United States, Donald Trump, was elected on a highly protectionist programme. What does this mean for the global, and particularly the European, economy?

Right now, the US economy is growing well. Productivity is improving in the United States, also, perhaps in large part thanks to the adoption of artificial intelligence and other new technologies.

In this context, we will have to examine how the situation will evolve under the future US administration. For example, deregulation: will it accelerate investment activity in the United States? Will big cuts in corporate and personal taxation increase demand in the economy? Will lower immigration, or indeed a reversal of immigration, slow down the American economy? And will there be trade policies that are harmful for imports from the euro area?

For the net effect of all…