ECB’s Panetta Says Current Wars May Reverse Years of Development

Ongoing conflicts and global geopolitical tensions are threatening the future of the world’s developing countries, according to European Central Bank Governing Council member Fabio Panetta.

“Years of progress in development and poverty reduction are at risk of reversal,” Panetta said in a statement at a meeting of the World Bank and International Monetary Fund’s Development Committee taking place Thursday in Washington. “Developing countries are particularly exposed, with high debt and limited fiscal space, while the poorest are least able to absorb new shocks.”