From today’s FT:
Yesterday Italian politicians called for French takeover bids for Italian groups to be blocked, in retaliation for France’s efforts to protect its energy sector.
“There is a risk that over time this dynamic triggers a series of tit-for-tat reactions,” said Mr Casey [of the Centre for European Policy Studies]. “That is precisely how the great depression started: one country after the other erected barriers and finally free trade just ground to a halt.”
I don’t expect a new great depression anytime soon, but let’s hope everyone will soon calm down and come to their senses.