What can the G20 and Central Banks do to deal with monetary and financial challenges in context of the COVID-19 crisis while preparing the way to a new normal in monetary policy?

The discussion about ending the exceptional monetary and financial measures and policy strategies adopted after the 2008 Financial Crisis to return to a “new normal” in monetary policy, gained momentum in 2019 both among policy makers and in the academic research circles. Leading central banks started strategic reviews that should have reached conclusions before the end of 2020. These developments reflected advances in theory, empirical evidence and policy experience as well as new concerns about financial stability, income and wealth distribution, and growing global financial interdependence. However, the Covid-19 pandemic has created a new situation. Its economic consequences will persist for a substantial period and will require new special short-term measures by central banks, well-coordinated with fiscal authorities, to stabilize economies and safeguard financial stability; together with a medium-term strategy for phasing out these crisis measures. This panel will discuss monetary and financial strategies for dealing with the economic shocks triggered by the COVID-19 crisis, and what the G20 and do to support these at a time when multilateralism is in crisis and reaching consensus on the coordination of monetary and financial strategy is difficult. How can central banks and financial authorities maintain financial stability while providing the liquidity required for moderating economic shocks? What lessons can (or cannot) be learned in this regard from the global financial crisis in 2008? How can monetary and financial response measures be designed in a way that prepares for an exit strategy in 2-3 years to return onto the path towards a “new normal” in monetary policy? How can the G20 support this while including central banks and fiscal authorities from other countries?

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Panel Discussion



Jean-Claude Trichet

Banque de France

Franco Bruni

ISPI, Italy


Lorenzo Bini-Smaghi

Société Générale, France

Franco Bruni

ISPI, Italy

Lucrezia Reichlin


Jean-Claude Trichet

Banque de France

Stephanie Flanders


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Policy Briefs on International Financial Architecture

Policy Briefs contain recommendations and visions and cover policy ares that are of interest to G20 policymakers. The majority of the Policy Briefs has been developed by a corresponding T20 Task Force.

T20 Recommendations Report: International Financial Architecture for Stability and Development

Compiled by Dennis Görlich (IfW Kiel), Katharina Lima de Miranda (IfW Kiel) and Juliane Stein-Zalai (IfW Kiel)

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SODIQ KAREEM Zumratul Islamiyah School

tions (80) Publications (86,243) Questions related to Central Banks Will Corona Virus cause a new Cashless Economic System? Question 5 answers Apr 9, 2020 The global lockdown situation due to Corona Virus is causing both decreases in Consumer Expenditure & Output by farms. All the governments in the World including the Central Bank are on the way of expansionary policy but nothing seems to be like working, some are saying that this Corona Virus is inviting a new great depression. Relevant answer Dariusz Prokopowicz Apr 11, 2020 Answer Dear Sakib Mahmud, In connection with the development of the SARS-CoV-2 coronavirus… Read more »


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