Monetary systems need to be global during Covid crisis

8th June 2020 (Last Updated June 8th, 2020 08:23)

8 June

The Covid-19 pandemic followed by the widespread protests against racism in the US and UK, have highlighted the suffering faced by marginalised communities and economies across the world.

A monetary system that provides equal access to finance for all economies and not just advanced economies is needed.

Claudia Sahm, a macroeconomist, shared an article on the need for a global monetary system that is based on principles of social justice and sustainability.

The article notes that lessons from past crises may give us clues on achieving such a system.

The pandemic has already impacted developing and emerging economies, with more than $100bn in portfolio funds exiting from these markets.

The monetary autonomy and fiscal capacity that advanced economies have is needed for these emerging markets as well to ensure public good.

Read more