International Monetary Fund
Lessons from the Global Financial Crisis in The Age of COVID-19
Kristalina Georgieva

Building a more resilient world after the pandemic

Speech by Kristalina Georgieva, International Monetary Fund (IMF) Managing Director, made during the Conference on Lessons from the Global Financial Crisis in The Age of COVID-19 at the University of Tokyo.

Kristalina Georgieva remarks the following points in her speech:

  • Regulatory reforms of the financial system as a result of the Great Financial crisis have contributed fundamentally to maintain financial stability nowadays. On her own words: “Regulatory reforms to strengthen resilience pay off.”
  • Fiscal and monetary support measures to overcome the Covid-19 crisis effects are vital. According to her, “Going forward, it will be critical for countries not to withdraw support prematurely, and importantly, to continue to target the measures in a way that helps the most vulnerable”.
  • According to her, going forward, the concept of resilience should be focused on 3 aspects:
    ‑ People: strengthening education, health and social protection
    ‑ Planet: diminishing the risks of the climate crisis for the future generations
    ‑ Nonbanking financial players: “Expanding what we have done with the banking sector to them to strengthen financial stability”.

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