The weaknesses in addressing these global imbalances are now clearly revealed, as well as the flaws in the regulatory environment of some advanced economies. The current weak global economy has also highlighted the gaps in global economic governance, and the absence of sufficient institutional capacity to manage coordinated global responses to simultaneous global crises.
The day after of the Greek economy requires medium-term planning, smart interventions on behalf of the government and a common understanding across euro area countries. The adoption of a new production model should become a national priority, in order to transform the crisis into an opportunity for sustainable growth. The pandemic crisis establishes new challenges, where globalization recedes and local production activities are enhanced.