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Now or never for global leadership

 Erik Berglöf, Gordon Brown and Jeremy Farrar
Erik Berglöf, Gordon Brown and Jeremy Farrar4/17/2020 7:0 AM GMT+08  • 5 min read
Now or never for global leadership
Without swift and decisive global leadership, Covid-19 could well be one of the worst global health crises in human history while scuppering attempts to avert a global depression.
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(Apr 17): This past week, leaders from medicine, economics, politics, and civil society are uniting to demand immediate and coordinated international action to ready the resources needed to address the Covid-19 crisis, prevent the current health catastrophe from becoming one of the worst in history, and avert a global depression. As a letter to the world’s leaders notes — because we are so far behind the Covid-19 curve, many lives are being lost needlessly while other health issues are being ignored. At the same time, societies and economies are being devastated.

During the global financial crisis of 2008, G20 leaders worked to coordinate a global response. And in other previous emergencies — such as tsunamis, civil wars or epidemics — coalitions of countries have convened donor conferences to generate the necessary resources. Today, we need both: A G20 task force to coordinate international support and a donors’ conference to make that support effective.

A decade ago, the immediate economic crisis could be surmounted when the under-capitalisation of the global banking system was addressed. This time, the economic crisis will not end until the health emergency is addressed, and the health emergency will not end by addressing the disease in one country alone. It can end only when all countries recover from Covid-19 and it is prevented from returning on a regular basis.

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