© Reuters. Italian Economy Minister Padoan speaks throughout a meeting with his British counterpart Osborne in Rome
By Gavin Jones and Giselda Vagnoni ROME (Reuters) – Italy’s economy minister warned on Thursday of shocks to monetary markets if Republican candidate Donald Trump wins the United States presidential election in 2012, and said that a Trump presidency would injure New york city’s appeal as a financial center. In some of the greatest criticisms of Trump by one of Washington’s G7 partners, Pier Carlo Padoan told Reuters that the financial effects of Trump beating Democratic candidate Hillary Clinton in November would be: “Very bad. Period.” He said the billionaire property designer’s rhetoric on concerns such as trade and security was unnerving for markets. “The message is more protectionism, more fragmentation, more aggressiveness and more separation in dealing with global security risks,” Padoan said in an interview. “All this adds to instability and unpredictability and this equates into financial market shocks.” European governments have been largely measured in their comments on Trump, who wants a temporary restriction on Muslims going into the United States, has slammed trade deals as tilted versus U.S. interests and promoted raising import tariffs in reaction to really low interest rates in trading partners such as the EU. Nevertheless, Germany’s economy minister said in March that Trump postured a danger to peace and success. British Prime Minister David Cameron has cast him as “divisive, stupid and wrong” for proposing the short-term restriction on Muslims. Padoan said a Trump presidency would likewise damage New York’s appeal as a monetary center: “If I were the head of a major investment business I ‘d state, “Hmm, where should I go and work?” If Trump were to win and Britain votes to leave the European Union at its June 23 mandate, Padoan said Paris might surpass London and New York as the West’s main financial center. A British vote to leave the EU would create financial damage for both Britain and its trade and financial investment partners, but would not activate any sell-off of Italian government bonds, Padoan said. “The flight to quality wouldn’t be the typical sovereign danger story, it will be a financial threat story,” he stated. “Markets will ask where the next financial center will lie.” If Britain leaves the EU, London dangers losing among its top money spinners – the trade in trillions of euros in derivatives – and euro zone officials state the European Reserve bank will push for the business to move inside the euro zone. Padoan likewise soft-pedaled the threat of a market crisis in Italy if voters must reject a proposed reform of the constitution in a referendum in October. Prime Minister Matteo Renzi has said he will resign if his reform proposals are thrown out. “I hope not and I think not,” Padoan stated, when asked if a “no” vote in Italy might activate the type of debt crisis that enveloped the country in 2011. Disclaimer: Fusion Media would like to remind you that the information included in this website is not always real-time nor precise. All CFDs (stocks, indexes, futures) and Forex costs are not provided by exchanges however rather by market makers, and so costs might not be precise and may vary from the actual market value, indicating rates are a sign and not appropriate for trading purposes. For that reason Blend Media does n`t bear any obligation for any trading losses you might incur as an outcome of utilizing this data. Blend Media or anybody involved with Combination Media will not accept any liability for loss or damage as a result of reliance on the info including information, quotes, charts and buy/sell signals consisted of within this site. Please be totally notified regarding the dangers and costs connected with trading the financial markets, it is one of the riskiest financial investment types possible.