After the pandemic, it is key to avoid that we move from the COVID-induced economic crisis to a new financial crisis. The T20, through its Task Force on International Finance, calls G20 Economy and Finance Ministers for a renewed commitment to address this challenge by designing, and swiftly implementing, policy measures aimed to support countries at risk of debt distress, involve the private sector in debt relief, create innovative facilities to ensure debt sustainability, get ready for the digital money revolution, give climate risk analysis the due relevance considering its impacts on the financial architecture, monitor central banks activities that have extraterritorial impacts, and ensure transparency in capital flows especially when it comes to activities by State-Owned Multinational Enterprises.
Commentary by José Siaba Serrate, TF9 Co-Chair. Originally published on ISPI's website Multilateralism was in crisis well before the Covid-19 pandemic brought the global economy to its knees. And not even the Great Depression (1929-1932) created the incredibly deep, instant mess the world suffered in QII 2020 as all of a sudden, lockdown became the top [...]