Rarely has the world faced challenges such as today’s. Whatever comparison is drawn, COVID-19 and efforts to curb its spread are poised to inflict strain of historic proportions on the world’s economy and financial systems. Within just weeks, economic growth has ground to a halt and gone into reverse. The virus knows no borders, nor can economic actions be seen in splendid isolation. Wouldn’t it have been helpful had the world been prepared for such a crisis on this global scale? As this was not the case, responses have been uncoordinated, country-specific, and isolated as can be. Our economies could soon require as much intensive care as the worst affected patients. Where should we look for the right economic medicine under these new and unprecedented circumstances?
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