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”.
Filter results
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.