published on Global Dashboard, 26.06.2020
The COVID-19 crisis is another timely reminder of the need for building resilience into our social, economic, and financial systems – locally, nationally, and globally. COVID-19 demonstrates the extent of globally inter-linked systems of trade and finance, and reveals their fragility. The crisis has exposed the vulnerability of our societies, most notably of our health systems, but also the susceptibility of supply chains and the gig economy, where large parts of the working population have little to no social security. Financial systems have held up relatively well, thanks to stricter capital requirements introduced after the 2008 crisis and decisive intervention by central banks, but are now also starting to show cracks.