And by my reading and experience, there is no historical evidence that hegemony would create a more stable global monetary order than effective multilateralism. But I guess that should be a no-brainer for a body that is called Re-inventing the Bretton Woods Committee, so I refrain from lecturing! Let me make three points in my introductory remarks. 1.
Several analyses, including the scenario modelling done at the Bank of Finland, suggest that forceful but relatively short-lived restrictions to limit the spread of the pandemic will result in significantly lower output losses and economic damage than a more gradual approach with milder but longer-lasting restrictions. Nevertheless, the timing of lifting the restrictions will require a difficult balancing act, done preferably in international coordination.