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German Chancellor Angela Merkel says unilateral action and protectionism not an answer to the world

German Chancellor Angela Merkel says unilateral action and protectionism not an answer to the world

Davos: German Chancellor Angela Merkel criticised the philosophy of isolation and protectionism in addressing common challenges worldwide here on Wednesday.

When delivering a special address at the World Economic Forum’s 48 Annual Meeting, which kicked off Tuesday, Merkel underlined that “Germany is a country committed to finding multilateral solutions”, Xinhua news agency reported.

“Unilateral action and protectionism are not the answer,” she added.

Focusing on European issues particularly, Merkel urged closer cooperation in the EU in order to solve problems in Europe.

“Brexit has almost encouraged us to concentrate on the big issues,” she added.

Specifically, Merkel called on more actions on digitalisation rather than “debating philosophical issues”, saying that it was too slow in EU to decide how to deal with big data, which has made Europe lag behind.

“We now have to re-oriented economic policies, creating a digital single market,” she pointed out, reminding that Europe is under great pressure due to the presence of large American companies.

In addition, Merkel also called for efforts to tackle with fractured capital market by establishing capital markets union, as well as completing banking union, so as to whether the crisis at an early stage.

(IANS)