Susan Schwab is Professor of Public Policy at the University of Maryland, and a strategic adviser to the law firm of Mayer Brown LLP.
Without further G20 action, the pandemic-induced recession will only deepen, hurting the world’s poorest and most marginalized people the most. Because the group represents 85% of global GDP, it has the capacity to mobilize resources on the scale required – and its leaders must do so immediately.
Although any joint EU action should be welcomed, the current COVID-19 response plan hardly amounts to a radical break with business as usual. Far from a long-awaited embrace of debt mutualization, the newly proposed European recovery fund risks being both politically unpalatable and economically inadequate.
