CEO of Barclays Jes Staley said that the election of Donald Trump as US President as well as Brexit referendum reflect the most serious change of attitude to globalization for last 70 years,- Take-profit.org reports.

CEO of Barclays made this statement on Wednesday, November 16, at FT Banking Summit, the banking conference, organized by Financial Times.

According to Barclays CEO, US presidential elections became the second serious signal that people in the developed countries consider no more continuation of globalization as the essential condition for economic exuberance.

“For long, the developed countries believed that the economic integration, leading to globalization, is the essential condition for political world and stability”.

The voting at Brexit referendum became the first signal, when the developed world derogated from this idea.

The election of Donald Trump as US President, considering his comments regarding migration policy as well as trade treaties is one more serious step backward from G-20 countries’ policy for last 70 years.

This is a very serious step, no matter whether you find it positive or negative. The establishment failed to prove that the free trade and global integration is good for countries.

The derogation from globalization can also lead to deviation from monetary policies of central banks with zero interest rate and purchase of assets. We live in the time of the largest economic experiment ever.

Among US Republican Party, there is a certain group of people, which consider that the policy of quantitative easing already exhausted all possibilities and is likely to do more harm than good now.