The Bank of Italy reported on the fifth conference on trade, value chains and financial linkages in the global economy, jointly organized with the European Central Bank in Rome on Oct. 29 and 30, 2026. Discussions examined how trade and industrial policies affect economic activity, innovation and prices, with particular attention to the consequences for consumers and households with lower incomes. Research explored multinational enterprises’ responses to tariffs and the costs of trade barriers, including rules of origin. It also examined restrictions on access to semiconductors and critical raw materials. Discussions of geopolitical fragmentation addressed links between credit and trade, alongside sanctions evasion through intermediaries in third countries. Analyses of maritime route disruptions highlighted how supplier diversification and alternative transport modes can help firms adapt to shocks. The next edition of the conference is planned for autumn 2027.
Bank of Italy and ECB conference reviews trade policy effects and firms’ responses to supply disruptions
The Bank of Italy and the European Central Bank’s fifth conference examined the effects of trade and industrial policies on economic activity, innovation and prices, including consequences for households with lower incomes. Research on maritime disruptions highlighted supplier diversification and alternative transport as ways for firms to adapt to shocks. The next conference is planned for autumn 2027.