{
  "title": "Managing Director Kristalina Georgieva’s Remarks at the 2020 Paris Peace Forum",
  "publication": "IMF News, November 12, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum",
  "canonical": "https://www.imf.org/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum",
  "overlayPath": "/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/index.md",
  "summary": "Managing Director Kristalina Georgieva at the Paris Peace Forum 2020, stated COVID economic response points.",
  "publishDate": "2020-11-12",
  "sections": [
    {
      "heading": "Context and framing",
      "content": "- Occasion: Paris Peace Forum 2020; remarks delivered as the year \"of the worst pandemic in a century\" and \"the worst recession since the Great Depression.\"\n- Emphasis on collective action: \"being in this together\" as the determinant of 2021 outcomes.\n- Noted cooperative signals from 2020: synchronized government and central bank responses, vaccine research momentum, and the IMF gaining a new member, Andorra, becoming the 190th member of the Fund."
    },
    {
      "heading": "Assessment of 2020 policy response and economic environment",
      "content": "- Fiscal and monetary response in 2020:\n  - \"$12 trillion in fiscal action and massive liquidity support from central banks.\"\n- Financial system resilience: post-Global Financial Crisis reforms left the banking system \"more resilient\" and contributed to financial stability \"even in the midst of this severe crisis.\"\n- Technology and vaccines: \"incredible momentum in vaccine research\" and the digital economy benefiting from the crisis."
    },
    {
      "heading": "Three-point agenda for 2021 (main policy recommendations)",
      "content": "- First: Strong public investment push\n  - Rationale: lift up growth when there is \"ample idle capacity and interest rates are very low.\"\n  - Objectives: address the climate crisis, promote digitalization, and create a \"more equitable world.\"\n  - Coordination benefit: \"If G20 countries move together, invest together at the same time rather than in an unsynchronized manner, we estimate that they could spend a third less to achieve the same outcome than if they acted alone.\"\n  - Outcome focus: build impetus for growth and jobs more effectively by working together.\n\n- Second: Support for the developing world\n  - Priorities: ensure liquidity and investment in developing countries to avoid deepening inequality and to prevent losses in the fight against poverty.\n  - IMF commitment: \"vouch for the IMF’s commitment to be part of this boost to high-quality, green public investment.\"\n  - Role of SDRs: \"make the best use of the SDRs so we can help the developing world make progress.\"\n\n- Third: Intergenerational responsibility and fiscal sustainability\n  - Avoid passing \"unsustainable debt\" to future generations.\n  - Priorities: high-quality public investment that supports fiscal sustainability, early debt treatment where restructuring is needed, and improving tax systems to be \"fit for the 21st century.\"\n  - Taxation challenge: concern that the digital economy benefits from the crisis while there is no agreement on \"fair and global taxation of these activities\" to share benefits and burdens."
    },
    {
      "heading": "Scenarios and normative contrast",
      "content": "- Two possible 2021 trajectories:\n  - A year that becomes \"yet another ‘Tale of Two Cities’—more inequality within countries, across countries, across generations.\"\n  - A year in which \"we come together to build a more prosperous, more equitable, more sustainable world.\""
    },
    {
      "heading": "Closing observation",
      "content": "- Overall judgment: the magnitude of the challenge is great, but cooperative spirit witnessed at the meeting is strong; anticipation of celebrating collective action at next year's Paris Peace Forum.\n- Closing words: \"Merci, Monsieur le Président.\"\n\nManaging Director Kristalina Georgieva’s Remarks at the 2020 Paris Peace Forum, November 12, 2020.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Managing Director Kristalina Georgieva’s Remarks at the Finance in Common Summit, November 12, 2020\n- Principality of Andorra and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/index.md)",
    "[Structured JSON version](/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/index.json)",
    "[Bundle manifest](/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/bundle-manifest.json)",
    "Published: November 12, 2020",
    "Occasion: Paris Peace Forum 2020; remarks delivered as the year \"of the worst pandemic in a century\" and \"the worst recession since the Great Depression.\"",
    "Emphasis on collective action: \"being in this together\" as the determinant of 2021 outcomes.",
    "Noted cooperative signals from 2020: synchronized government and central bank responses, vaccine research momentum, and the IMF gaining a new member, Andorra, becoming the 190th member of the Fund.",
    "Fiscal and monetary response in 2020:",
    "Financial system resilience: post-Global Financial Crisis reforms left the banking system \"more resilient\" and contributed to financial stability \"even in the midst of this severe crisis.\"",
    "Technology and vaccines: \"incredible momentum in vaccine research\" and the digital economy benefiting from the crisis.",
    "First: Strong public investment push",
    "Second: Support for the developing world",
    "Third: Intergenerational responsibility and fiscal sustainability",
    "Two possible 2021 trajectories:",
    "Overall judgment: the magnitude of the challenge is great, but cooperative spirit witnessed at the meeting is strong; anticipation of celebrating collective action at next year's Paris Peace Forum.",
    "Closing words: \"Merci, Monsieur le Président.\"",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Managing Director Kristalina Georgieva’s Remarks at the Finance in Common Summit, November 12, 2020](https://www.imf.org/en/News/Articles/2020/11/12/sp111220-md-remarks-at-finance-in-common-summit-meeting)",
    "[Principality of Andorra and the IMF](https://www.imf.org/en/countries/and)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/index.md",
    "json": "/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/index.json",
    "bundleManifest": "/en/news/articles/2020/11/12/sp111220-md-remarks-at-paris-peace-forum/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-25T23:57:05.036Z"
}