Today I want to make some observations relating to the exit path from the Covid-related economic crisis. Where do we stand? What can we expect this year? And how should policymakers proceed, as the European economy gradually recovers? We could compare the European economy with a patient recovering from a severe accident. So far, our efforts have been directed at stabilizing the patient.
I favour the formal extension of the Fund’s jurisdiction over capital account transactions. The World Bank Group has shown its commitment to assist developing and transition countries in dealing with the aftermath of the multiple crises they face in a more flexible fashion, by stepping up its lending capacity and by speeding up the delivery of its assistance.