All international economic crises have seen an increase in barriers to trade, and such barriers themselves can contribute to crises, according to this new policy brief. A group of economists has published a pamphlet, warning that the risks of protection are now very high and suggesting possible ways of reducing them. When the authors presented their fears and their proposals at a meeting in London, other economists and officials agreed that there are dangers, but questioned whether the authors had identified the most severe risks and challenges and were sceptical about some of their proposed solutions. As financial disruption has been an unusually prominent part of the current crisis, understanding what has been happening in trade-related lending is particularly important. This Policy Brief for restricted circulation summarizes the content of the discussions at that meeting.