Time.news – “Irregular” rhythms in the vaccination campaign between countries could jeopardize the global recovery after the pandemic from Covid-19. It is the concern that the governor of the Bank of Italy, Ignazio Visco, entrusts the Financial Times in an interview published on the newspaper’s website.
“The main tool we have at the moment” to restart the economy “is neither monetary nor fiscal, they are vaccinations”Visco said, reiterating the need for “close international cooperation within the G20 to prevent the different phases of the vaccination campaign in the various countries from leading to excessive divergences in their respective economies”.
Visco, who on Wednesday will host the meeting of finance ministers and central bank governors of the G20 with the economy minister, Daniele Franco, therefore asks that “what we did last year: one of the main lessons of the past crises is that we must be very careful of do not remove support measures too soon”.
If the vaccination campaign allows you to see “the light at the end of the tunnel”, what is needed right now is “Don’t make mistakes”.
The governor further stressed that “the Next Generation Eu plan has a completely different nature ”from the stimulus of the United States “Because, even if smaller in size, it will mainly consist of investments in infrastructure”, thus defending the extent of the European economic response to the Covid-19 pandemic compared to the United States.
Stimuli of 750 billion euros from the EU that go hand in hand with the response given by individual European national governments. “This choice is also due to the fact, usually overlooked by many commentators, that in Europe they have been implemented, and are still in operation, very large aid packages at national government level “, he added.
Furthermore the number one of the Bank of Italy warns against an uneven distribution of the vaccine internationally, which could lead to different recoveries between developed and developing nations.
The difference in pace of the vaccination campaign “is not so much a problem for Europe compared to the United States, given that the EU aims to immunize a good fraction of the population by July, it is rather a question that pits advanced economies against those developing countries, ”Visco explained, arguing that reducing this risk to developing economies is a priority.
The governor finally added that next Wednesday’s G20 meeting will focus on measures to assist developing economies. in their recovery, including ongoing discussions to increase the issuance of International Monetary Fund Special Drawing Rights (SDRs), an instrument that should stimulate the budgets of these countries.
“The G20 is aware of the serious difficulties facing the most vulnerable countries and it undertakes not to offer sterile solidarity, but concrete help to ensure that these countries have the necessary resources to respond to the crisis and can then get back on track ”.