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A little earlier today our colleague Francine Lacwa sat down with the managing director

of the International Monetary Fund,

a Christine Lagarde in Brussels.

She'd given a speech there on some of the risks the IMF is focusing on.

Among them, protectionism and political uncertainty. Let's take a listen to what she had to say.

Protectionism is clearly a threat and one that if it was to be realized would really be a break on growth, would be a break on productivity,

would be a break on investment, because we are seeing that both innovation and trade are conducive to

productivity. Productivity is the engine for growth and better allocation of resources.

So as part of the risks that we see, clearly protectionism is one.

...