In recent years, there have been more trade barriers globally, and there are also signs that some countries trade less with each other today due to conflicting political interests.
As a small, open economy, Denmark has great economic advantages from globalisation. If protec-tionist tendencies gain ground, it may therefore result in lower prosperity, both here in Denmark and globally.
"The new European Commission and the EU Member States therefore have a major task in finding the right balance between, on the one hand, countering protectionist measures and the effects of state aid elsewhere in the world, not least in China and the United States. And on the other hand, to maintain the single market and support global free trade as far as possible in accordance with WTO rules."
The EU's single market has been the springboard further out into the world for many Danish companies and has made it possible to benefit from globalisation. The companies have been good at this, and in several sectors, they have become leaders in the world market.
"The Single Market is therefore valuable and worth maintaining and developing. And it can work far better than it does now. This is partly since many countries in the EU still have a number of special rules in relation to the single market, which act as trade barriers and have economic costs," said Christian Kettel Thomsen and elaborated:
"But removing barriers in the single market is a long, hard haul, and there is no quick and easy solution. It is therefore important that the EU Commission drives the agenda forward and that the member states support it – even when it becomes difficult and national approaches need to be adjusted."
In addition to the speech, you can read Danmarks Nationalbank's latest analysis on geoeconomic fragmentation here.
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