The “Great Reset”:
Making Finance Work for an Inclusive and Resilient Future
The “Great Reset”:
Making Finance Work for an Inclusive and Resilient Future
Date: Aug 20, 2020
The Covid-19 pandemic forced governments around the world to put in place unprecedented fiscal and monetary stimulus packages in response to the devastating effects of the global pandemic. While stimulus measures were used to fight past to fight crises such as the Global Financial Crisis of 2008/09 or the European debt crisis of 2011/12, the scale of the current interventions, in terms of the amounts involved, the sectors covered, and the number of countries touched by this health crisis, have no precedent in recent history. Despite this massive injection of capital to support businesses and communities, the full economic and social impact of the pandemic is still uncertain.
“One hundred and seventy countries are going to finish this year with a smaller economy than at the start of the year, and we already project that there will be more debt, bigger deficits, and more unemployment. And there is a very high risk of more inequality and more poverty…Unless we act”, said Kristalina Giorgieva, Managing Director of the International Monetary Fund on June 3, 2020, when the Wold Economic Forum launched the “Great Reset” initiative and announced that this will be the theme of the 51st World Economic Forum Annual Meeting in January 2021.
The “Great Reset” is a commitment by the world community to “jointly and urgently build the foundations of our economic and social system for a more fair, sustainable and resilient future.”
This comes as multiple voices – from economists, civil society, academics, governments and business leaders calling for a “green recovery” or for “building back better” – gathered momentum around the idea of using this crisis moment to pivot to a “greener, smarter, fairer economy” by aligning policy responses and other private and public sector initiatives with environmental and social priorities to ensure a more sustainable and resilient future.
“We only have one planet and we know that climate change could be the next global disaster with even more dramatic consequences for humankind. We have to decarbonize the economy in the short window still remaining and bring our thinking and behaviour once more into harmony with nature,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
“The Great Reset is a welcome recognition that this human tragedy must be a wake-up call. We must build more equal, inclusive and sustainable economies and societies that are more resilient in the face of pandemics, climate change and the many other global changes we face,” said António Guterres, UN Secretary-General.
Building on these calls for action, the Victoria Forum is pleased to invite you to join the conversation with a panel of experts who will discuss what these calls mean for the financial sector and the opportunity they present to strengthen the resilience of the global financial system, and to support a more sustainable and inclusive growth while managing systemic risks. From financial institutions, to investors to central banks and regulators, the types of recovery responses adopted now to fight the short term effects of the pandemic have the potential to either accelerate or delay countries transition to a more sustainable, inclusive and resilient future.
In this webinar, we will attempt to address following questions:
- What does a “Great Reset” mean for various financial sector participants, including institutions, markets, central banks and other actors, in Canada and Globally?
- How can the financial sector contribute to a greener and smarter growth while reducing inequalities and building more resilient economies?
- What will it mean in practice for the corporate sector to focus on all stakeholders (and not solely on financial returns)?
- How can we build better collaboration between public and private finance to support and accelerate the transition to a sustainable future?
Webinar Champion: Dr. Basma Majerbi in collaboration with Dr. Amadou Sy.
Dr. Amadou Sy
Division Chief, African Department, International Monetary Fund
Currently a division chief in the African Department, Amadou Sy has held a variety of positions at the IMF covering more than 20 countries and all the financial crises since 1998. His research interest includes FinTech, digitalization, governance, and macro-financial linkages. Amadou is also a nonresident senior fellow at the Africa Growth Initiative (AGI) at the Brookings Institution which he was leading until January 2017. There, his work on the Financing for Development agenda has been influential in global policy circles and he has provided expert advice to the African Development Bank, Making Finance Work for Africa, and the United Nations.
Amadou wrote two books entitled “Africa through an economic lens” (Brookings Institution Press) and “Beyond the Curse: Policies to Harness the Power of Natural Resources” (IMF). He has also published in top academic and practitioner journals, including Emerging Markets Review, IMF Staff Papers, Journal of Banking & Finance, Journal of African Economies, and the Review of International Economics. His policy work won the runner-up 2011 ICFR-Financial Times Prize for best research on financial regulation. He is a member of the Editorial Board of the Revue d’Economie du Développement, contributes to the African Economic Research Consortium Visiting Scholars program at the IMF, and has been a member of Ph.D. Thesis Committees at the Université d’Auvergne, France.
Amadou has presented his work at international conferences and central banks worldwide and has testified at the U.S. Congress. He has contributed to blogs, podcasts, radio and TV programs and was quoted in The Financial Times, The Economist, The Wall Street Journal, The New York Times, The Los Angeles Times, The Washington Post, BBC, Bloomberg, Foreign Policy, El Pais, Les Echos, Il Sole, and O Globo.
Amadou holds a Ph.D. in Finance for McGill University and is a CFA charter holder as well as a Financial Risk Manager (GARP).
Dr. Ceyla Pazarbasioglu
Vice President, Equitable Growth, Finance and Institutions, World Bank Group
Ceyla Pazarbasioglu is Vice President for Equitable Growth, Finance and Institutions at the World Bank Group. In this role, she provides strategic leadership to the best expertise from the World Bank and International Finance Corporation to help developing countries build the foundations for inclusive and sustainable growth. She is a former Deputy Director, Monetary and Capital Markets, at the International Monetary Fund; and Vice President of the Banking Regulation and Supervision Agency, Turkey.
For more information, view Dr. Ceyla Pazarbasioglu’s bio on the World Bank Group website
Senator Yuen Pau Woo
Senate of Canada
Appointed to the Senate of Canada in November 2016, the Honourable Yuen Pau Woo sits as an independent representing British Columbia. He has been the Facilitator of the Independent Senators Group since 2017, and was re-elected for a second two–year term in December 2019.
Senator Woo has worked on public policy issues related to Canada’s relations with Asian countries for more than 30 years. From 2005-2014, he was President and CEO of the Asia Pacific Foundation of Canada, where he continues to serve as Distinguished East Asia Fellow. He is also Senior Fellow at Simon Fraser University’s Graduate School of Business, and at the School of Public Policy and Global Affairs at the University of British Columbia. He is a member of the Trilateral Commission and on the board of the Vancouver Academy of Music. He also serves on the Advisory Boards of the Mosaic Institute, the Canadian Ditchley Foundation, and the York Centre for Asian Research.
Senator Woo has been a member of the following Senate Standing Committees: Foreign Affairs and International Trade; National Finance; Energy, the Environment and Natural Resources; Selection; and Rules, Procedures and the Rights of Parliament.
Dr. Paul Beaudry
Deputy Governor, Bank of Canada
Paul Beaudry became Deputy Governor of the Bank of Canada in 2019. In this role, he oversees the Bank’s financial system analysis and shares responsibility for setting monetary policy.
Before coming to the Bank, Mr. Beaudry spent 25 years as a professor at the University of British Columbia, where his research focused on technical change and growth, labour economics, monetary policy and financial system stability. He has also held academic positions at Oxford University, Boston University and Université de Montréal and was a visiting professor at Massachusetts Institute of Technology, Pantheon-Sorbonne University and Université de Toulouse. Mr. Beaudry held a Canada Research Chair in economics from 2000 to 2015 and is a two-time recipient of the Bank of Canada’s Research Fellowship Award.
Born in Montréal, Quebec, Mr. Beaudry holds a BA in Economics from Laval University, an MA in Economics from the University of British Columbia, and a PhD in Economics from Princeton University.
For more information, view Dr. Paul Beaudry’s bio on the Bank of Canada website