Virtual presentation of the ECB Article on tariffs and foreign direct investment

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Tariffs and Foreign Direct Investment 

An online presentation by the ECB Brussels Representative Office 

📅 Date:
20/05/2026 
🕐 Time:
14:30 - 15:30 
📍 Location:
Online 

About the Event 


The ECB Brussels Representative Office will host an online presentation on the relationship between tariffs and foreign direct investment. Mrs Virginia di Nino (Principal Economist, Euro Area External Sector Division) and Mrs Isabella Moder (Senior Economist, External Developments Division) will present the latest ECB work on the relationship between tariffs and foreign direct investment.

How do tariff increases affect greenfield foreign direct investment, particularly in the manufacturing sector? To what extent have the 2025 US tariff increases shaped inward and outward foreign direct investment in the US? What are the implications of tariff-induced outward foreign direct investment for domestic investment in the euro area?

The online presentation will explore the complex relationship between tariffs and greenfield foreign direct investment, summarise recent trends in US foreign direct investment and discuss potential consequences for the euro area.


Speakers 


Virginia di Nino, Principal Economist, European Central Bank, EU

Virginia di NINO

Principal Economist
Euro Area External Sector Division

European Central Bank

Isabella Moder, Senior Economist, European Central Bank, EU

Isabella MODER

Senior Economist
External Developments Division

European Central Bank

Isabella MODER
Mrs Moder is a Senior Economist in the External Developments Division at the European Central Bank, within the Directorate General International and European Relations. She has extensive experience in international economic analysis and policy, having held several senior roles at the ECB since 2015, including in the International Policy Analysis Division and as Committee Secretary. In 2018, she served as an Advisor at the ECB Representative Office at the International Monetary Fund in Washington, D.C. Prior to joining the ECB, she worked as an Economist at the Oesterreichische Nationalbank and as a Portfolio Manager at Kommunalkredit in Vienna. She holds a PhD in Economics (summa cum laude) from Johannes Gutenberg University Mainz, as well as a Master’s degree in Economics and a Bachelor’s degree in International Affairs from the University of St. Gallen.

Programme 


14:30 
Online Presentation: Tariffs and Foreign Direct Investment 
Virginia di Nino | Principal Economist | Euro Area External Sector Division 
Isabella Moder | Senior Economist | External Developments Division 
Topics: How do tariff increases affect greenfield foreign direct investment, particularly in the manufacturing sector? To what extent have the 2025 US tariff increases shaped inward and outward foreign direct investment in the US? What are the implications of tariff-induced outward foreign direct investment for domestic investment in the euro area?

Important – Please be advised that the room's physical constraints permit only a restricted number of participants so registration could be closed after the maximum capacity is reached.

Please note that a photographer might be present at the event, taking photographs for Organisers' communications platforms. If you do not wish to be photographed, please inform the photographer in the room.

European Central Bank (ECB)
Released on: Germany (Deutschland), Austria (Österreich), Belgium (België / Belgique / Belgien), Bulgaria (България), Croatia (Hrvatska), Czech Republic (Česko), Denmarkv (Danmark), Estonia (Eesti), Finland (Suo...
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