The Managing Director of the International Monetary Fund (IMF),
Kristalina Georgieva, addressed the Extraordinary G20 Leaders'
Summit held virtually on March 26, 2020, upon the call of the Saudi
Presidency.
Within the framework of the aid packages that various
governments are announcing to their respective economies, one may
wish to note the stress of the IMF, particularly on the
coordination of monetary and fiscal policies. Such policies are
already coordinated between the EU Member States through the
Treaties' provisions and various Regulations and Directives
which form part of the EU's economic governance.
Georgieva explained that the IMF is projecting a contraction of
global output in 2020, and recovery in 2021, stating that
"How deep the contraction and how fast the recovery
depends on the speed of containment of the pandemic and on how
strong and coordinated our monetary and fiscal policy actions
are."
