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The timing is unhelpful. As most of Europe faces another year of stagnation and America’s recovery is still fragile, economic nationalism is in danger of becoming a knee-jerk reaction. Cocoons of protectionist red tape are short-sighted, but they are also reassuring to worried voters. The G20, the G8 and the EU have already tried to tackle the world’s economic problems together. It has not gone according to plan, leaving the leaders of each country which signed up to it to cast around for national solutions instead.
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