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ECB's Makhlouf Warns Uncertainty Will Persist Even if Trade War Passes
Published by Global Banking & Finance Review®
Posted on May 13, 2025
1 min readLast updated: January 23, 2026
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Quick Summary
ECB's Gabriel Makhlouf warns that global economic uncertainty will persist even if a trade war is short-lived, citing risks from elevated debt levels.
ECB's Makhlouf: Trade War Uncertainty to Linger
DUBLIN (Reuters) -Uncertainty in the global economy is likely to persist even if a global trade war proves short-lived, European Central Bank governing council member Gabriel Makhlouf said in a speech on Tuesday.
"Even if a full-blown trade war turns out to be short-lived, the uncertainty effects will persist for some time," said Makhlouf, the governor of the Irish Central Bank.
"Amplification risks from elevated public and private debt levels, and how these might ripple through the financial system, are a further downside risk."
(Writing by Conor Humphries; Editing by Andrew Cawthorne)
Key Takeaways
- •Global economic uncertainty will persist even after a trade war.
- •Gabriel Makhlouf highlights risks from public and private debt.
- •Financial system could face ripple effects from debt levels.
- •Short-lived trade wars still have long-term uncertainty impacts.
- •ECB's focus on economic stability amid global tensions.
Frequently Asked Questions about ECB's Makhlouf warns uncertainty will persist even if trade war passes
1What is the main topic?
The main topic is the persistence of global economic uncertainty despite a short-lived trade war, as discussed by ECB's Gabriel Makhlouf.
2What are the risks mentioned?
Makhlouf mentions risks from elevated public and private debt levels and their potential ripple effects on the financial system.
3Who is Gabriel Makhlouf?
Gabriel Makhlouf is a member of the European Central Bank governing council and the governor of the Irish Central Bank.
