The association noted that the report of the Finance Committee of the OECD’s Business and Industry Advisory Council on the financial role of Covid-19 in mitigating the effects of the economy and stabilizing the world economy was published at the end of June.
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The document covers the main global challenges that we are facing now and will continue to face in the years to come. It also includes a set of recommendations to national governments and the financial sector to address short-term economic challenges and long-term structural vulnerabilities in the financial system, to stabilize the economy and to promote its development by identifying precise support instruments.
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During the drafting talks, Bajare, Vice-Chair of the Finance Committee of the OECD’s Business and Industry Advisory Council, pointed out a number of important points.
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According to her, first of all, it is very important to ensure and implement the restoration of economic growth in a timely manner, as well as to flexibly adapt the proposed measures to the new needs. Secondly, support measures and instruments for overcoming the Covid-19 crisis should continue to be available beyond 2020 to help national economies overcome the crisis, stabilize the economy and promote development.
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Also, according to Baja, the implementation of the Green Deal policy is important – it is crucial for the long-term competitiveness of the economy and companies. Despite a possible increase in the cost of support in the short term, it will have a significant impact on economic development in the long term. Work is currently underway to develop specific documents and methodologies that will help achieve the goals set by the Green Course.
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Bajre also emphasized the need to promote investment in human capital, and she emphasized the importance of raising entrepreneurs’ awareness of the best principles of corporate governance, adapting to current conditions and timely business restructuring and acquisition of new markets.
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She mentioned the importance of linking planned investments to national reforms, with concrete goals and deliverables in both the short and long term, and of assessing how the reforms resulting from the 2008/2009 global financial crisis were helping to overcome the effects of the Covid-19 crisis. .
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