Coronavirus, the EU at the G20: 'Coordinated and unprecedented action is needed'

THE EU MESSAGE TO THE G20 - " Unprecedented events require unprecedented action. Fast, massive and coordinated global action on the health and economic fronts is needed to save lives and avoid further economic crises" . So in a joint statement the presidents of the EU Commission and the European Council, Ursula von der Leyen and Charles Michel , at the end of the extraordinary meeting in videoconference of the G20 on the coronavirus pandemic. "The G20 has a central role in ensuring global coordination," reads the joint statement by the presidents, who insisted that the G20 countries must "coordinate their macroeconomic policies, mobilizing all available tools, to mitigate the economic downturn, supporting the workers and businesses most affected ". Michel and von der Leyen also "underlined that in order to limit the impact on our economies, and to maintain our ability to produce and supply the necessary medical and protective material, it is imperative that trade flows and supply chains be kept open, and avoid new restrictions. " The EU has also asked G20 members to provide mutual assistance for the repatriation of citizens stranded abroad who wish to return home, and has ensured that it will continue to "assist vulnerable countries and communities in the world, especially in Africa". in fighting the pandemic.

"For the protection of the economy, the G20 must make use of all fiscal and monetary policy instruments and national responses must be coordinated, thus increasing their effectiveness". This was said by Prime Minister Giuseppe Conte in a video conference with the G20. On the health front, the premier explained how "coordination and cooperation must be ensured on research, therapies and the supply of health kits where there is a greater need".

G20 RESULTS - The G20 injects $ 5 trillion into the world economy to overcome the "social, economic and financial" impact of coronavirus. This is what we read in a G20 note at the end of the videoconference summit. The 20 finance ministers and central bank governors have pledged to "whatever it takes to overcome the pandemic" and to "minimize economic and social damage, boost growth and maintain market stability". "We support the extraordinary measures taken by central banks in line with their mandate" and "we support the measures taken by the IMF and the World Bank in support of the countries that need".