The @g20org Virtual Summit on Thurs will be a defining moment for international cooperation.
We need a global response to this truly global crisis. No country can exit it alone.
Here are 4 things middle powers like @G20Australia should push:
1/10 #auspol #COVIDー19
We need a global response to this truly global crisis. No country can exit it alone.
Here are 4 things middle powers like @G20Australia should push:
1/10 #auspol #COVIDー19
*1 – A global response mechanism*
There’s a world shortage of key resources: time, medical equipment, hospital beds, pharma. Zero-sum competition for them increases risk for all.
A science-based coord'n mechanism gets them where they provide most protection for everyone.
2/10
There’s a world shortage of key resources: time, medical equipment, hospital beds, pharma. Zero-sum competition for them increases risk for all.
A science-based coord'n mechanism gets them where they provide most protection for everyone.
2/10
*2 – A temporary regime for moving response-critical people + goods.*
Moving personnel to where they are most needed would be easier with ‘green lanes’ like those suggested by @vonderleyen…
3/10
Moving personnel to where they are most needed would be easier with ‘green lanes’ like those suggested by @vonderleyen…
3/10
We also need removal of tariff & non-tariff barriers so developing countries can access medical supplies.
Otherwise #COVIDー19 will become entrenched there & continue to threaten us all…
4/10
Otherwise #COVIDー19 will become entrenched there & continue to threaten us all…
4/10
*3 – The first true global fiscal stimulus, protecting people.*
Developed countries are understandably focused right now on protecting their own citizens.
Yet speedy recovery will depend on access to the global value-chains on which we all now rely...
5/10
Developed countries are understandably focused right now on protecting their own citizens.
Yet speedy recovery will depend on access to the global value-chains on which we all now rely...
5/10
So G20 leaders should unlock the first truly global fiscal stimulus in history.
They should channel it to the workers + small business worldwide that underpin the global economy, to keep demand alive & ensure supply chains are still there when demand is ready for them…
6/10
They should channel it to the workers + small business worldwide that underpin the global economy, to keep demand alive & ensure supply chains are still there when demand is ready for them…
6/10
This means:
-- large injections of concessional finance by MDBs + private lenders;
-- access to @IMFNews SDRs;
-- suspension of debt repayment; &
-- coord’n by central banks…
7/10
-- large injections of concessional finance by MDBs + private lenders;
-- access to @IMFNews SDRs;
-- suspension of debt repayment; &
-- coord’n by central banks…
7/10
We also need coord'n on the *purpose* of this stimulus: protecting people + the future of the economy.
Financing should be prioritized for response-critical value chains (such as medical supply manufacturing), + for govt support to worker payments + social protection...
8/10
Financing should be prioritized for response-critical value chains (such as medical supply manufacturing), + for govt support to worker payments + social protection...
8/10
Finally, *4 – Recognition that there is no profit without people.*
The choice between profits & people is a false one. There can be no economy, let alone economic growth, without health and safety...
9/10
The choice between profits & people is a false one. There can be no economy, let alone economic growth, without health and safety...
9/10
A clear commitment by @G20org leaders to protect people will calm nervous markets & citizens.
It will secure trust, without w/ int'l coop'n may quickly falter.
Despite #socialdistancing, we’re all in this together. We can only come out together.
Over to you, @g20org.
10/10
It will secure trust, without w/ int'l coop'n may quickly falter.
Despite #socialdistancing, we’re all in this together. We can only come out together.
Over to you, @g20org.
10/10
Great to see the crossover between the ideas for the @g20org in my thread + the ideas set out here by Gordon Brown @OfficeGSBrown : ft.com/content/ccbee0…
