The fears of a mass shift to protectionism as a result of the global financial and economic crisis have not yet been borne out. This Opinion warns against undue pessimism, looking at evidence on whether or not protectionist policies have been increased. It argues that the current situation is very different to that prevailing during the Great Depression of the 1930s, when goverments had fewer policy levers to stimulate the economy. The Opinion warns, however, against lowering the anti-protectionist guard too soon, given the scale of unemployment.