Lessons for Global Cooperation from the COVID-19 Pandemic

April 3, 2020

In a new post on the Future of Globalisation Blog Gianluca Grimalda, economist at the Kiel Institute for the World Economy (IfW Kiel), analyses the current and future prospects for global cooperation in the face of the COVID-19 pandemic. He argues that the pandemic is a systemic challenge of much greater gravity than the 2008 global financial crisis, which led to an intensification of international cooperation in particular driven by the G20.

This time around, countries have acted in almost complete isolation from one another largely disregarding the potential effects of the crisis on developing countries. The G20, at their last meeting, promised “to do whatever it takes”. Such a promise works for monetary policy, it is, however, inconsequential for fiscal policy if not followed by facts. Grimalda urges the G20 to take strong and coordinated actions to counter the viral pandemic but also the consequent economic and social pandemics in both developed and developing countries.

Please access the blog post here: Lessons for Global Cooperation from the COVID-19 Pandemic.