Federal Economics Minister Robert Habeck has warned against a relapse into trade policy isolation and against economic nationalism. The various crises surrounding broken supply chains, energy price inflation and the search for alternative sources of raw materials since the beginning of the Ukraine war would require a reorientation of globalization, but should not mean it stalling, said the Green politician on Sunday.
Before the start of the Hanover Fair, the Vice-Chancellor advocated changing trade and investment flows if necessary, but not letting up on international exchanges. It is still about “opening up new markets and areas”. The prerequisite is that one pays attention to sustainability and democratic standards based on the rule of law.
“Let’s hold on to it, but let’s realign it,” said Habeck on globalization. “We must not enter into the language of a new nationalism. Then at some point we will end up with Brexit and Donald Trump.” However, he sees that there is currently a great deal of uncertainty and reluctance to invest in many sectors.
The fact that economic networking has stalled is not only due to the war in Russia – core principles and ideas have shifted over the past 30 years. “The workbenches of the world have now become rich themselves and have a different self-confidence. Basically, something will change.”
Habeck reiterated that it is particularly important to diversify the supply of energy and raw materials more. On Friday, the climate, energy and environment ministers of the G7 countries announced their goal of phasing out electricity production with coal. Since the start of the Ukraine war, however, many countries have also been looking for alternatives to Russian gas supplies – and there are a number of voices calling for an immediate gas embargo on Moscow.