The President of the World Bank, Robert Zoellick, says Argentina's plans to nationalize its largest oil company are “a mistake.”

Robert Zoellick spoke Thursday in Washington at a news conference.

He cautioned policymakers against moves based on populism and protectionism that could hurt the economy.

The Argentine government announced plans earlier this week to take over YPF, an Argentine unit of Spain's Repsol.

The government said the move was intended to boost oil output.

Spain has sharply criticized the plan.