Word: protectionists
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Dates: during 2000-2009
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...Jean-Claude Juncker, who chairs meetings of the Eurozone's finance ministers, dismissed appeals by wannabe members to relax entry criteria for single European currency. U.K. Prime Minister Gordon Brown - clearly eying French President Nicolas Sarkozy - denounced protectionism as a "road to ruin". And Sarkozy himself testily denied being protectionist but then accused eastern Europe of putting the entire E.U. at economic and political risk...
...shore up Eastern European economies, is discussing a regional bailout package. But the Fund is also struggling; with access to $200 billion in funds, its ability to step in is limited. "So far we've seen disappointing tendencies on the part of Western European governments moving in a more protectionist direction, which is worrying," says Christensen. "But the pressure is increasing on policy makers to find some kind of solution...
...Such talk of repatriation is supposed to be anathema in the European Union, where the internal market is a core, treaty-enshrined ideal. But Sarkozy's protectionist language ripped off the veneer of European unity over the economic crisis. "The French have signaled that they are willing to do things they know are illegal under E.U. law," says Katinka Barysch, Deputy Director at the London-based Centre for European Reform (CER). "But if one E.U. country goes down this route, others will feel they have to follow...
...China was swift to condemn the ban as protectionist. The China Daily, the official government newspaper, reported that Beijing may contest India's measure by taking the matter to the Dispute Settlement Body of the World Trade Organization (WTO). The newspaper cited WTO rules against "illegal trade barriers and punitive measures at a time when protectionism is growing amid the global economic recession...
...Indian industry officials were just as quick to deny India was violating the international fair-trade standards. "There is nothing protectionist about it," says Anjan Roy, economic affairs advisor at the Federation of Indian Chambers of Commerce and Industry. Roy pointed to a spate of scandals in 2007 over the safety of Chinese-made toys. In August 2007, Mattel, the U.S.'s leading toy company, was forced to recall 9 million of its products made in Chinese factories due to high lead levels in paint and other safety issues. "If it is a very harmful product, India has a right...