How the G20 can hasten recovery from COVID-19

Maurice Obstfeld (PIIE) and Adam S. Posen (PIIE), editors

PIIE Briefing
20-1
April 2020
Photo Credit: 
REUTERS/Baz Ratner

The world's leading economic powers must cooperate more to combat the health and economic shocks resulting from the COVID-19 pandemic. In a new PIIE Briefing, Peterson Institute experts outline how collective action by the Group of Twenty (G20) nations can make a difference. The PIIE agenda includes removal of trade barriers impeding the flow of medical supplies and food, and more money for research, testing, and disease control, especially for debt-burdened low-income countries. The World Bank and the World Health Organization need more resources to relieve suffering, and the International Monetary Fund must step up to stabilize the world financial system.

Contents

1 Introduction: The G20 not only should but can be meaningfully useful to recovery from the COVID-19 pandemic
Maurice Obstfeld and Adam S. Posen

2 The G20 must step up to confront the global health crisis
Maurice Obstfeld

3 Designing the fiscal response to the COVID-19 pandemic
Olivier J. Blanchard

4 How the G20 can strengthen access to vital medical supplies in the fight against COVID-19
Chad P. Bown

5 Ensuring global food security in the time of COVID-19
Cullen S. Hendrix

6 The G20 should expand trade to help developing countries overcome COVID-19
Anabel González

7 The G20 should do more to harness the IMF and World Bank
Simeon Djankov and Anne-Laure Kiechel

8 Debt standstills can help vulnerable governments manage the COVID-19 crisis
Anna Gelpern, Sean Hagan, and Adnan Mazarei

9 Enhancing central bank cooperation in the COVID-19 pandemic
Christopher G. Collins, Simon M. Potter, and Edwin M. Truman

10 IMF's special drawing rights to the rescue
Christopher G. Collins and Edwin M. Truman

11 Exchange rate policy in the COVID-19 pandemic
Christopher G. Collins and Joseph E. Gagnon