Commentary: The problem with reusing the 2009 global financial crisis playbook to deal with COVID-19

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The fixation on a redesign of policies, regulations, and economic structures conditioned by the last crisis will leave us woefully unprepared for ...

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Sadly, the combination of domestic polarisation, national protectionism, and global fragmentation is especially problematic in bringing us all together to fight a global problem.As always, when this crisis passes, there will be great introspection on how we got into this mess. This will undoubtedly include a reassessment of globalisation, which once seemed like an economic panacea for poor and rich countries alike.

Unfortunately, this overlooked the quality of growth – not just sorely needed investment in disease mitigation and public-health infrastructure, which the COVID-19 crisis has made glaringly apparent, but also investment in environmental protection despite the equally patent evidence of climate change.THE PROBLEM WITH THE GFC PLAYBOOK

Monetary and fiscal policies can temper short-term distress in financial markets and hard-hit businesses and communities. But they don’t address the urgent priority of disease containment and mitigation. That, not the monetary and fiscal policy template of the last crisis, must be the laser-like focus of policymakers during this crisis.

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