[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.37,0:00:02.69,Default,,0000,0000,0000,,Chris Anderson: I get now to introduce
Dialogue: 0,0:00:02.71,0:00:05.50,Default,,0000,0000,0000,,one of the most powerful\Nwomen in the world.
Dialogue: 0,0:00:05.52,0:00:10.74,Default,,0000,0000,0000,,I mean, if we are to escape\Nfrom the mess that we're in right now,
Dialogue: 0,0:00:10.77,0:00:14.73,Default,,0000,0000,0000,,she is going to play a major part\Nin helping us do that.
Dialogue: 0,0:00:15.51,0:00:17.90,Default,,0000,0000,0000,,She's the head of\Nthe International Monetary Fund,
Dialogue: 0,0:00:17.92,0:00:22.01,Default,,0000,0000,0000,,a delight to welcome here\NKristalina Georgieva.
Dialogue: 0,0:00:24.39,0:00:25.57,Default,,0000,0000,0000,,Kristalina, welcome.
Dialogue: 0,0:00:25.59,0:00:27.95,Default,,0000,0000,0000,,Kristalina Georgieva:\NGreat to be with you, Chris.
Dialogue: 0,0:00:27.97,0:00:29.59,Default,,0000,0000,0000,,Thank you for having me.
Dialogue: 0,0:00:29.62,0:00:32.84,Default,,0000,0000,0000,,CA: So you just took on\Nthis role late last year,
Dialogue: 0,0:00:32.86,0:00:36.62,Default,,0000,0000,0000,,and within four months,\Nboom, COVID arrives.
Dialogue: 0,0:00:36.64,0:00:39.57,Default,,0000,0000,0000,,That is one heck\Nof an introduction to a new job.
Dialogue: 0,0:00:39.59,0:00:40.96,Default,,0000,0000,0000,,How are you doing?
Dialogue: 0,0:00:42.71,0:00:46.83,Default,,0000,0000,0000,,KG: Well, I find strength in action.
Dialogue: 0,0:00:47.33,0:00:48.86,Default,,0000,0000,0000,,And at the Fund,
Dialogue: 0,0:00:48.88,0:00:52.38,Default,,0000,0000,0000,,we have been, from day one on this crisis,
Dialogue: 0,0:00:52.40,0:00:55.87,Default,,0000,0000,0000,,leaning forward with everything we have
Dialogue: 0,0:00:55.90,0:00:59.01,Default,,0000,0000,0000,,to provide lifelines to countries,
Dialogue: 0,0:00:59.04,0:01:03.42,Default,,0000,0000,0000,,and that means to people and businesses.
Dialogue: 0,0:01:03.44,0:01:07.62,Default,,0000,0000,0000,,Already, we have received over 90 requests
Dialogue: 0,0:01:07.65,0:01:14.06,Default,,0000,0000,0000,,and we have offered, to 56 countries,
Dialogue: 0,0:01:14.08,0:01:16.44,Default,,0000,0000,0000,,critical financial packages.
Dialogue: 0,0:01:18.16,0:01:22.02,Default,,0000,0000,0000,,CA: You've described this pandemic\Nas a crisis like no other.
Dialogue: 0,0:01:22.05,0:01:24.49,Default,,0000,0000,0000,,In what way a crisis like no other?
Dialogue: 0,0:01:26.08,0:01:27.97,Default,,0000,0000,0000,,KG: Truly like no other.
Dialogue: 0,0:01:27.100,0:01:32.12,Default,,0000,0000,0000,,First, never before
Dialogue: 0,0:01:32.14,0:01:38.73,Default,,0000,0000,0000,,we will inflict on the economy\Nconsciously so much pain
Dialogue: 0,0:01:38.75,0:01:41.68,Default,,0000,0000,0000,,to fight a virus and save lives.
Dialogue: 0,0:01:42.33,0:01:45.63,Default,,0000,0000,0000,,We are asking businesses not to produce
Dialogue: 0,0:01:45.65,0:01:48.60,Default,,0000,0000,0000,,and consumers not to go out and consume.
Dialogue: 0,0:01:48.62,0:01:53.41,Default,,0000,0000,0000,,At the Fund, we labeled this\N"the Great Lockdown."
Dialogue: 0,0:01:54.67,0:01:56.18,Default,,0000,0000,0000,,Second,
Dialogue: 0,0:01:56.20,0:01:59.05,Default,,0000,0000,0000,,never before
Dialogue: 0,0:01:59.07,0:02:05.82,Default,,0000,0000,0000,,there would be such\Na rapid change of fortunes
Dialogue: 0,0:02:06.46,0:02:10.02,Default,,0000,0000,0000,,practically for everybody\Naround the world.
Dialogue: 0,0:02:10.39,0:02:12.62,Default,,0000,0000,0000,,In January, I was in Davos,
Dialogue: 0,0:02:12.64,0:02:16.70,Default,,0000,0000,0000,,talking about "anemic growth,"\Ngrowth of three percent.
Dialogue: 0,0:02:17.28,0:02:22.97,Default,,0000,0000,0000,,In April, during our spring meetings,\Nit was already minus three percent.
Dialogue: 0,0:02:23.62,0:02:24.95,Default,,0000,0000,0000,,In January,
Dialogue: 0,0:02:24.97,0:02:31.10,Default,,0000,0000,0000,,we predicted 160 countries\Nto have positive income per capita growth.
Dialogue: 0,0:02:31.93,0:02:38.42,Default,,0000,0000,0000,,Now it is 170 countries\Nwith negative income per capita growth.
Dialogue: 0,0:02:38.97,0:02:42.49,Default,,0000,0000,0000,,Now this, we call "the Great Reversal."
Dialogue: 0,0:02:43.17,0:02:44.48,Default,,0000,0000,0000,,Very painful.
Dialogue: 0,0:02:44.78,0:02:47.62,Default,,0000,0000,0000,,And three, uncertainty.
Dialogue: 0,0:02:47.64,0:02:50.44,Default,,0000,0000,0000,,We always live with uncertainty, Chris,
Dialogue: 0,0:02:50.46,0:02:52.08,Default,,0000,0000,0000,,but this time,
Dialogue: 0,0:02:52.11,0:02:57.21,Default,,0000,0000,0000,,it is the uncertainty\Nof a novel coronavirus
Dialogue: 0,0:02:57.24,0:03:00.72,Default,,0000,0000,0000,,that policymakers have to integrate.
Dialogue: 0,0:03:00.75,0:03:06.76,Default,,0000,0000,0000,,We at the Fund combine\Nepidemiological projections
Dialogue: 0,0:03:06.78,0:03:10.30,Default,,0000,0000,0000,,with our traditional\Nmacroeconomic modeling
Dialogue: 0,0:03:10.32,0:03:13.27,Default,,0000,0000,0000,,to see through that uncertainty.
Dialogue: 0,0:03:14.66,0:03:17.28,Default,,0000,0000,0000,,I must add to this,
Dialogue: 0,0:03:17.30,0:03:22.23,Default,,0000,0000,0000,,I very much hope that when we go\Non the other side in the recovery,
Dialogue: 0,0:03:22.25,0:03:26.73,Default,,0000,0000,0000,,we can use a new term\Nand call it "the Great Transformation."
Dialogue: 0,0:03:27.75,0:03:29.75,Default,,0000,0000,0000,,Make the world a better place.
Dialogue: 0,0:03:31.40,0:03:34.99,Default,,0000,0000,0000,,CA: Well, I'll be excited\Nto come on to that in a bit.
Dialogue: 0,0:03:35.01,0:03:37.63,Default,,0000,0000,0000,,But in this moment\Nof responding to the crisis,
Dialogue: 0,0:03:37.65,0:03:40.51,Default,,0000,0000,0000,,the main tool that seems\Nto have been executed,
Dialogue: 0,0:03:40.53,0:03:42.71,Default,,0000,0000,0000,,at least by the rich countries,
Dialogue: 0,0:03:42.74,0:03:46.90,Default,,0000,0000,0000,,has been this massive economic stimulus,
Dialogue: 0,0:03:46.93,0:03:49.33,Default,,0000,0000,0000,,to the tune of trillions of dollars.
Dialogue: 0,0:03:49.70,0:03:52.41,Default,,0000,0000,0000,,Is that a wise response?
Dialogue: 0,0:03:53.50,0:03:55.67,Default,,0000,0000,0000,,KG: It is a necessity.
Dialogue: 0,0:03:56.03,0:04:00.99,Default,,0000,0000,0000,,And you don't hear the Fund\Noften telling countries,
Dialogue: 0,0:04:01.01,0:04:02.41,Default,,0000,0000,0000,,"Please, spend.
Dialogue: 0,0:04:02.43,0:04:04.10,Default,,0000,0000,0000,,Spend as much as you can."
Dialogue: 0,0:04:04.13,0:04:05.61,Default,,0000,0000,0000,,And that is what we do now.
Dialogue: 0,0:04:05.64,0:04:07.45,Default,,0000,0000,0000,,We do add to that,
Dialogue: 0,0:04:07.47,0:04:09.51,Default,,0000,0000,0000,,"And keep the receipts.
Dialogue: 0,0:04:10.07,0:04:14.66,Default,,0000,0000,0000,,Don't lose accountability\Nto the citizens, to the tax payers."
Dialogue: 0,0:04:15.17,0:04:20.54,Default,,0000,0000,0000,,The reason financial\Ninjection is necessary,
Dialogue: 0,0:04:20.56,0:04:26.79,Default,,0000,0000,0000,,these fiscal measures of almost\Nnine trillion dollars are necessary,
Dialogue: 0,0:04:26.81,0:04:31.15,Default,,0000,0000,0000,,is because when the economy\Nis standing still,
Dialogue: 0,0:04:31.18,0:04:33.22,Default,,0000,0000,0000,,unless there is help,
Dialogue: 0,0:04:33.24,0:04:37.21,Default,,0000,0000,0000,,unless there is monetary policy stimulus,
Dialogue: 0,0:04:37.24,0:04:41.09,Default,,0000,0000,0000,,firms are going to go massively bankrupt,
Dialogue: 0,0:04:41.12,0:04:43.22,Default,,0000,0000,0000,,people would be unemployed,
Dialogue: 0,0:04:43.24,0:04:45.65,Default,,0000,0000,0000,,the economy would be scarred.
Dialogue: 0,0:04:45.67,0:04:47.58,Default,,0000,0000,0000,,When we go to the other side,
Dialogue: 0,0:04:47.60,0:04:52.26,Default,,0000,0000,0000,,this scarring is going to make\Nthe recovery much more difficult.
Dialogue: 0,0:04:53.20,0:04:55.92,Default,,0000,0000,0000,,So that is a wise thing to do,
Dialogue: 0,0:04:55.95,0:05:01.28,Default,,0000,0000,0000,,and it helps the fact\Nthat central banks in major economies
Dialogue: 0,0:05:01.30,0:05:04.57,Default,,0000,0000,0000,,have been acting in a synchronized manner
Dialogue: 0,0:05:04.59,0:05:08.50,Default,,0000,0000,0000,,and that fiscal stimulus\Ncame really, really fast.
Dialogue: 0,0:05:08.52,0:05:13.08,Default,,0000,0000,0000,,This is how we see people\Nbeing able to go through this
Dialogue: 0,0:05:13.11,0:05:14.76,Default,,0000,0000,0000,,very, very tough time.
Dialogue: 0,0:05:15.83,0:05:17.39,Default,,0000,0000,0000,,CA: But how far can it go?
Dialogue: 0,0:05:17.42,0:05:20.41,Default,,0000,0000,0000,,Because it's been described,\Nin a sense, as "printing money" --
Dialogue: 0,0:05:20.43,0:05:23.12,Default,,0000,0000,0000,,governments are issuing\Nmore and more bonds
Dialogue: 0,0:05:23.14,0:05:26.100,Default,,0000,0000,0000,,that have to paid back at some point.
Dialogue: 0,0:05:27.02,0:05:29.93,Default,,0000,0000,0000,,There's this term, in economics,\Nof the Minsky moment,
Dialogue: 0,0:05:29.95,0:05:32.47,Default,,0000,0000,0000,,where things can go very well for a while,
Dialogue: 0,0:05:32.50,0:05:36.57,Default,,0000,0000,0000,,as everyone believes that, you know,
Dialogue: 0,0:05:36.60,0:05:38.69,Default,,0000,0000,0000,,that the train can keep running,
Dialogue: 0,0:05:38.71,0:05:40.20,Default,,0000,0000,0000,,the cycle can keep turning,
Dialogue: 0,0:05:40.23,0:05:42.65,Default,,0000,0000,0000,,you know, that governments\Nhave all this money.
Dialogue: 0,0:05:43.01,0:05:45.87,Default,,0000,0000,0000,,At some point, though,\Ndoesn't that break down?
Dialogue: 0,0:05:45.90,0:05:48.85,Default,,0000,0000,0000,,Do you worry that we may be\Nnearing a Minsky moment,
Dialogue: 0,0:05:48.88,0:05:51.70,Default,,0000,0000,0000,,where, like Michael in Mary Poppins
Dialogue: 0,0:05:51.73,0:05:53.99,Default,,0000,0000,0000,,grabs his tuppence\Nand starts a run on the bank.
Dialogue: 0,0:05:54.01,0:05:58.30,Default,,0000,0000,0000,,Is there stress in the international\Nfinancial system now
Dialogue: 0,0:05:58.32,0:06:00.08,Default,,0000,0000,0000,,that concerns you,
Dialogue: 0,0:06:00.10,0:06:02.98,Default,,0000,0000,0000,,that makes you feel that we may be\Nrunning out of headroom?
Dialogue: 0,0:06:04.17,0:06:07.74,Default,,0000,0000,0000,,KG: Of course, this cannot go on forever.
Dialogue: 0,0:06:09.07,0:06:11.23,Default,,0000,0000,0000,,I, for one, have trust in our scientists,
Dialogue: 0,0:06:11.25,0:06:13.64,Default,,0000,0000,0000,,I think we will see breakthroughs,
Dialogue: 0,0:06:13.66,0:06:18.28,Default,,0000,0000,0000,,and we will see also people in businesses
Dialogue: 0,0:06:18.31,0:06:21.01,Default,,0000,0000,0000,,getting accustomed to social distancing,
Dialogue: 0,0:06:21.03,0:06:25.64,Default,,0000,0000,0000,,to micromeasures that protect\Nfrom spreading the disease.
Dialogue: 0,0:06:25.66,0:06:30.69,Default,,0000,0000,0000,,We have seen very massive injection\Nin health systems,
Dialogue: 0,0:06:30.71,0:06:34.87,Default,,0000,0000,0000,,so hospitals can actually\Ntreat people that are coming for help.
Dialogue: 0,0:06:35.94,0:06:40.12,Default,,0000,0000,0000,,Obviously, if it is to go\Nfor a very long time,
Dialogue: 0,0:06:40.14,0:06:41.59,Default,,0000,0000,0000,,we would be worried.
Dialogue: 0,0:06:42.23,0:06:43.78,Default,,0000,0000,0000,,For now,
Dialogue: 0,0:06:43.80,0:06:45.66,Default,,0000,0000,0000,,what we are projecting
Dialogue: 0,0:06:45.69,0:06:50.15,Default,,0000,0000,0000,,is that there would be\Na gradual reopening --
Dialogue: 0,0:06:50.17,0:06:53.09,Default,,0000,0000,0000,,we see it already happening\Nin a number of countries.
Dialogue: 0,0:06:53.73,0:06:57.28,Default,,0000,0000,0000,,And we project for next year, 2021,
Dialogue: 0,0:06:57.30,0:06:58.82,Default,,0000,0000,0000,,a partial recovery.
Dialogue: 0,0:06:58.85,0:07:01.29,Default,,0000,0000,0000,,Not a full recovery, unfortunately,
Dialogue: 0,0:07:01.32,0:07:03.25,Default,,0000,0000,0000,,but coming to a better place.
Dialogue: 0,0:07:03.64,0:07:06.16,Default,,0000,0000,0000,,Now, what helps us
Dialogue: 0,0:07:06.19,0:07:10.28,Default,,0000,0000,0000,,is something that I\Ndon't particularly love,
Dialogue: 0,0:07:10.31,0:07:14.38,Default,,0000,0000,0000,,but I see it as a positive feature --
Dialogue: 0,0:07:14.40,0:07:17.15,Default,,0000,0000,0000,,very low interest rates,
Dialogue: 0,0:07:17.17,0:07:19.44,Default,,0000,0000,0000,,in some cases, negative --
Dialogue: 0,0:07:19.47,0:07:26.44,Default,,0000,0000,0000,,that allows this injection\Nof fiscal measures and liquidity
Dialogue: 0,0:07:26.47,0:07:29.79,Default,,0000,0000,0000,,to be sustained over a number of years.
Dialogue: 0,0:07:29.82,0:07:33.33,Default,,0000,0000,0000,,And for now, we do not see on the horizon
Dialogue: 0,0:07:33.36,0:07:36.93,Default,,0000,0000,0000,,any return to increase in interest rates.
Dialogue: 0,0:07:36.96,0:07:39.37,Default,,0000,0000,0000,,So low for longer,
Dialogue: 0,0:07:39.40,0:07:44.36,Default,,0000,0000,0000,,and that is, in that environment,\Na helpful feature.
Dialogue: 0,0:07:46.75,0:07:50.60,Default,,0000,0000,0000,,CA: I mean, the financial crisis of 2008
Dialogue: 0,0:07:50.62,0:07:53.65,Default,,0000,0000,0000,,came perilously close to breaking\Nthe entire financial system --
Dialogue: 0,0:07:53.67,0:07:55.51,Default,,0000,0000,0000,,arguably, it did that.
Dialogue: 0,0:07:55.53,0:07:57.85,Default,,0000,0000,0000,,By most people's calculation,
Dialogue: 0,0:07:57.87,0:08:01.67,Default,,0000,0000,0000,,this is a far worse impact\Nto the economy overall.
Dialogue: 0,0:08:01.69,0:08:05.06,Default,,0000,0000,0000,,Did the world learn something from 2008
Dialogue: 0,0:08:05.09,0:08:08.40,Default,,0000,0000,0000,,that has helped us so far\Nbe resilient this time?
Dialogue: 0,0:08:10.03,0:08:14.88,Default,,0000,0000,0000,,KG: What the world learned\Nis that the financial system
Dialogue: 0,0:08:14.91,0:08:17.94,Default,,0000,0000,0000,,has to be tested
Dialogue: 0,0:08:17.96,0:08:21.81,Default,,0000,0000,0000,,and then strengthened to withstand shocks.
Dialogue: 0,0:08:21.83,0:08:25.12,Default,,0000,0000,0000,,And that is helping us tremendously today.
Dialogue: 0,0:08:25.66,0:08:30.16,Default,,0000,0000,0000,,The banking system is resilient,
Dialogue: 0,0:08:30.19,0:08:35.54,Default,,0000,0000,0000,,and even in the nonbanking\Nfinancial institutions,
Dialogue: 0,0:08:35.57,0:08:38.48,Default,,0000,0000,0000,,there is more attention paid
Dialogue: 0,0:08:38.51,0:08:44.66,Default,,0000,0000,0000,,to how far can you go\Nwithout running into trouble.
Dialogue: 0,0:08:45.92,0:08:47.45,Default,,0000,0000,0000,,I would say,
Dialogue: 0,0:08:47.47,0:08:49.40,Default,,0000,0000,0000,,if you look around the world,
Dialogue: 0,0:08:49.42,0:08:56.07,Default,,0000,0000,0000,,the most important lesson then\Nwas "build resilience to shocks."
Dialogue: 0,0:08:56.60,0:09:00.61,Default,,0000,0000,0000,,Those who have done it cope now better.
Dialogue: 0,0:09:01.10,0:09:05.02,Default,,0000,0000,0000,,And those who have not done it\Nare in a much tougher spot.
Dialogue: 0,0:09:05.04,0:09:07.14,Default,,0000,0000,0000,,And actually, for the Fund,
Dialogue: 0,0:09:07.16,0:09:09.26,Default,,0000,0000,0000,,what we are praying
Dialogue: 0,0:09:09.28,0:09:14.85,Default,,0000,0000,0000,,is that we will come out of this crisis\Nwith this lesson about resilience
Dialogue: 0,0:09:14.87,0:09:18.78,Default,,0000,0000,0000,,being spread beyond the banking system,
Dialogue: 0,0:09:18.81,0:09:22.78,Default,,0000,0000,0000,,so we actually have\Nthis crisis-management mindset
Dialogue: 0,0:09:22.81,0:09:29.08,Default,,0000,0000,0000,,for a world that is inevitably\Ngoing to be more shock-prone,
Dialogue: 0,0:09:29.11,0:09:30.39,Default,,0000,0000,0000,,because of climate
Dialogue: 0,0:09:30.41,0:09:36.55,Default,,0000,0000,0000,,and also because of the sheer density\Nof economic and social life on our planet.
Dialogue: 0,0:09:38.26,0:09:39.91,Default,,0000,0000,0000,,CA: In your role,
Dialogue: 0,0:09:39.93,0:09:44.53,Default,,0000,0000,0000,,you're paying special attention\Nto the situation in developing countries.
Dialogue: 0,0:09:44.55,0:09:49.22,Default,,0000,0000,0000,,And it does seem that they're facing\Na really terrible situation right now.
Dialogue: 0,0:09:49.25,0:09:55.98,Default,,0000,0000,0000,,Many of them have significant debt\Ndenominated in dollars.
Dialogue: 0,0:09:56.01,0:09:57.30,Default,,0000,0000,0000,,In the current crisis,
Dialogue: 0,0:09:57.32,0:10:01.58,Default,,0000,0000,0000,,their currencies are depreciating\Nagainst the dollar,
Dialogue: 0,0:10:01.60,0:10:07.64,Default,,0000,0000,0000,,making it nigh impossible for them\Nto execute the kind of injection,
Dialogue: 0,0:10:07.67,0:10:08.94,Default,,0000,0000,0000,,stimulus injections,
Dialogue: 0,0:10:08.96,0:10:10.83,Default,,0000,0000,0000,,that the rich countries are doing
Dialogue: 0,0:10:10.85,0:10:13.04,Default,,0000,0000,0000,,and seems to be the only way out.
Dialogue: 0,0:10:13.06,0:10:16.14,Default,,0000,0000,0000,,So that seems like\Na really dangerous cycle.
Dialogue: 0,0:10:16.16,0:10:18.63,Default,,0000,0000,0000,,Is there any way to break that cycle?
Dialogue: 0,0:10:19.10,0:10:23.03,Default,,0000,0000,0000,,KG: Well, let me first separate
Dialogue: 0,0:10:23.05,0:10:26.92,Default,,0000,0000,0000,,countries that have built\Nstrong fundamentals.
Dialogue: 0,0:10:26.95,0:10:28.31,Default,,0000,0000,0000,,And now in this crisis,
Dialogue: 0,0:10:28.33,0:10:33.47,Default,,0000,0000,0000,,as we are receiving incoming data,
Dialogue: 0,0:10:33.49,0:10:37.18,Default,,0000,0000,0000,,not very many, but there are still\Nsome positive surprises,
Dialogue: 0,0:10:37.20,0:10:40.99,Default,,0000,0000,0000,,and they come from countries\Nthat have built stronger buffers,
Dialogue: 0,0:10:41.01,0:10:42.48,Default,,0000,0000,0000,,stronger fundamentals,
Dialogue: 0,0:10:42.50,0:10:45.32,Default,,0000,0000,0000,,have been more disciplined\Nduring good times.
Dialogue: 0,0:10:46.00,0:10:47.99,Default,,0000,0000,0000,,But indeed, we do see
Dialogue: 0,0:10:48.02,0:10:51.98,Default,,0000,0000,0000,,quite a number of emerging markets,\Ndeveloping countries,
Dialogue: 0,0:10:52.00,0:10:54.68,Default,,0000,0000,0000,,faced with multiple pressures.
Dialogue: 0,0:10:54.70,0:10:58.36,Default,,0000,0000,0000,,They had the hit from the coronavirus,
Dialogue: 0,0:10:58.38,0:11:01.98,Default,,0000,0000,0000,,many of them with weak health systems.
Dialogue: 0,0:11:02.01,0:11:05.59,Default,,0000,0000,0000,,Then, they have the high level\Nof indebtedness,
Dialogue: 0,0:11:05.61,0:11:07.89,Default,,0000,0000,0000,,from before the crisis,
Dialogue: 0,0:11:07.92,0:11:11.44,Default,,0000,0000,0000,,which creates a much more difficult\Nenvironment for them.
Dialogue: 0,0:11:12.06,0:11:15.19,Default,,0000,0000,0000,,Then, many of them\Nare commodity exporters.
Dialogue: 0,0:11:16.34,0:11:18.66,Default,,0000,0000,0000,,Commodity prices, oil price,
Dialogue: 0,0:11:18.69,0:11:20.82,Default,,0000,0000,0000,,they went down very dramatically,
Dialogue: 0,0:11:20.84,0:11:22.24,Default,,0000,0000,0000,,that hits them again.
Dialogue: 0,0:11:23.07,0:11:25.19,Default,,0000,0000,0000,,Many rely on remittances.
Dialogue: 0,0:11:25.21,0:11:29.34,Default,,0000,0000,0000,,Remittances shrunk some 20 to 30 percent.
Dialogue: 0,0:11:29.80,0:11:34.65,Default,,0000,0000,0000,,And then you have a number of countries\Nthat are highly dependent on tourism.
Dialogue: 0,0:11:34.70,0:11:39.04,Default,,0000,0000,0000,,Tourism is the hardest hit sector,\Nor one of the hardest hit.
Dialogue: 0,0:11:39.07,0:11:41.88,Default,,0000,0000,0000,,So, very tough for these countries,
Dialogue: 0,0:11:41.90,0:11:48.04,Default,,0000,0000,0000,,but this is why institutions like mine\Nhave been wisely created.
Dialogue: 0,0:11:48.90,0:11:52.87,Default,,0000,0000,0000,,The IMF, the World Bank,\Nthe regional development banks,
Dialogue: 0,0:11:52.90,0:11:57.06,Default,,0000,0000,0000,,we work very closely together\Nin this crisis.
Dialogue: 0,0:11:57.08,0:11:59.22,Default,,0000,0000,0000,,The IMF, fortunately,
Dialogue: 0,0:11:59.25,0:12:06.22,Default,,0000,0000,0000,,that was one of the lessons\Nfrom the 2008-2009 crisis --
Dialogue: 0,0:12:06.24,0:12:10.91,Default,,0000,0000,0000,,make sure that in the center\Nof the financial safety net is an IMF
Dialogue: 0,0:12:10.93,0:12:12.53,Default,,0000,0000,0000,,with financial strength.
Dialogue: 0,0:12:13.25,0:12:17.49,Default,,0000,0000,0000,,We have four times\Nmore money to lend today
Dialogue: 0,0:12:17.51,0:12:19.23,Default,,0000,0000,0000,,than we had then.
Dialogue: 0,0:12:19.26,0:12:23.36,Default,,0000,0000,0000,,From 250 billion to one trillion dollars.
Dialogue: 0,0:12:23.38,0:12:24.56,Default,,0000,0000,0000,,And of course,
Dialogue: 0,0:12:24.58,0:12:26.71,Default,,0000,0000,0000,,we are deploying these funds
Dialogue: 0,0:12:26.74,0:12:30.06,Default,,0000,0000,0000,,exactly for the countries\Nthat need us the most.
Dialogue: 0,0:12:30.08,0:12:31.72,Default,,0000,0000,0000,,And we did one more thing.
Dialogue: 0,0:12:31.74,0:12:35.78,Default,,0000,0000,0000,,With David Malpass,\Nthe president of the World Bank,
Dialogue: 0,0:12:35.81,0:12:41.51,Default,,0000,0000,0000,,we called for a debt moratorium\Nfor the poorest countries
Dialogue: 0,0:12:41.53,0:12:45.05,Default,,0000,0000,0000,,to their official bilateral creditors.
Dialogue: 0,0:12:45.08,0:12:48.76,Default,,0000,0000,0000,,And people tend to say,\N"Oh, we don't work together,
Dialogue: 0,0:12:48.78,0:12:50.12,Default,,0000,0000,0000,,it's not good enough."
Dialogue: 0,0:12:50.14,0:12:56.26,Default,,0000,0000,0000,,But here is an area\Nwhere we made this call in late March,
Dialogue: 0,0:12:56.28,0:12:57.92,Default,,0000,0000,0000,,and in mid-April,
Dialogue: 0,0:12:57.94,0:13:01.36,Default,,0000,0000,0000,,the G20 agreed on this moratorium.
Dialogue: 0,0:13:02.58,0:13:05.27,Default,,0000,0000,0000,,Amazing, we had the Paris Club, China,
Dialogue: 0,0:13:05.30,0:13:06.69,Default,,0000,0000,0000,,the Gulf countries,
Dialogue: 0,0:13:06.72,0:13:12.57,Default,,0000,0000,0000,,all agreeing that we should not\Nsuffocate the poorest countries
Dialogue: 0,0:13:12.59,0:13:14.90,Default,,0000,0000,0000,,by asking them to pay their debts
Dialogue: 0,0:13:14.93,0:13:17.71,Default,,0000,0000,0000,,when their economies are standing still.
Dialogue: 0,0:13:19.31,0:13:22.36,Default,,0000,0000,0000,,CA: Is it possible\Nthat some developing countries
Dialogue: 0,0:13:22.38,0:13:25.59,Default,,0000,0000,0000,,are overdoing the lockdown policy?
Dialogue: 0,0:13:25.62,0:13:29.66,Default,,0000,0000,0000,,I mean, if large numbers of your citizens\Nare already struggling to stay alive,
Dialogue: 0,0:13:29.68,0:13:33.98,Default,,0000,0000,0000,,isn't it almost like a death sentence\Nto order them not to leave their homes?
Dialogue: 0,0:13:34.88,0:13:39.16,Default,,0000,0000,0000,,KG: Well, Chris, one of the most\Nheartbreaking conversations I would have
Dialogue: 0,0:13:39.18,0:13:45.19,Default,,0000,0000,0000,,is with leaders of countries\Nwhere they have to stare in the face
Dialogue: 0,0:13:45.22,0:13:49.22,Default,,0000,0000,0000,,a choice of people dying from the virus
Dialogue: 0,0:13:49.25,0:13:50.65,Default,,0000,0000,0000,,or dying from hunger.
Dialogue: 0,0:13:51.39,0:13:55.94,Default,,0000,0000,0000,,And it is a very dramatic\Nsituation for them.
Dialogue: 0,0:13:58.02,0:14:01.10,Default,,0000,0000,0000,,Where you have a very large\Npart of your economy
Dialogue: 0,0:14:01.12,0:14:02.28,Default,,0000,0000,0000,,being informal,
Dialogue: 0,0:14:02.30,0:14:06.04,Default,,0000,0000,0000,,where people live hand-to-mouth every day,
Dialogue: 0,0:14:06.49,0:14:11.01,Default,,0000,0000,0000,,the lockdowns we have\Nin advanced economies
Dialogue: 0,0:14:11.04,0:14:12.85,Default,,0000,0000,0000,,are not quite applicable,
Dialogue: 0,0:14:12.87,0:14:14.44,Default,,0000,0000,0000,,but even there,
Dialogue: 0,0:14:14.47,0:14:18.78,Default,,0000,0000,0000,,countries are doing really well\Nin social distancing
Dialogue: 0,0:14:18.80,0:14:20.90,Default,,0000,0000,0000,,to the extent it is possible.
Dialogue: 0,0:14:21.47,0:14:23.81,Default,,0000,0000,0000,,Many of the countries in Africa
Dialogue: 0,0:14:23.83,0:14:27.54,Default,,0000,0000,0000,,were very early to step up\Npreventive measures.
Dialogue: 0,0:14:27.56,0:14:28.72,Default,,0000,0000,0000,,Why?
Dialogue: 0,0:14:28.74,0:14:31.53,Default,,0000,0000,0000,,They learned from the Ebola,\Nthey learned from prior crises
Dialogue: 0,0:14:31.55,0:14:32.98,Default,,0000,0000,0000,,that hygiene,
Dialogue: 0,0:14:33.00,0:14:37.79,Default,,0000,0000,0000,,taking any measure you can really helps.
Dialogue: 0,0:14:37.82,0:14:40.04,Default,,0000,0000,0000,,So again, I cannot stress enough
Dialogue: 0,0:14:40.07,0:14:43.60,Default,,0000,0000,0000,,how important is solidarity\Nwith these countries.
Dialogue: 0,0:14:43.62,0:14:50.34,Default,,0000,0000,0000,,How important it is for my institution\Nto be there for them in a timely manner.
Dialogue: 0,0:14:50.37,0:14:51.52,Default,,0000,0000,0000,,And we do it.
Dialogue: 0,0:14:52.92,0:14:54.08,Default,,0000,0000,0000,,CA: Whitney.
Dialogue: 0,0:14:54.70,0:14:56.98,Default,,0000,0000,0000,,Whitney Pennington Rogers:\NHi there, thank you,
Dialogue: 0,0:14:57.00,0:14:58.58,Default,,0000,0000,0000,,this is a wonderful conversation,
Dialogue: 0,0:14:58.58,0:15:01.74,Default,,0000,0000,0000,,and we're starting to see\Nsome questions coming from the community.
Dialogue: 0,0:15:01.77,0:15:04.07,Default,,0000,0000,0000,,The first one we have is from Bill Elkus,
Dialogue: 0,0:15:04.10,0:15:07.02,Default,,0000,0000,0000,,and it's a follow-up to something\Nyou were mentioning earlier,
Dialogue: 0,0:15:07.05,0:15:08.78,Default,,0000,0000,0000,,related to the stimulus, Kristalina.
Dialogue: 0,0:15:08.80,0:15:12.76,Default,,0000,0000,0000,,What are the prospects for inflation\Nfrom such a large stimulus?
Dialogue: 0,0:15:15.57,0:15:16.76,Default,,0000,0000,0000,,KG: At this point,
Dialogue: 0,0:15:16.78,0:15:21.15,Default,,0000,0000,0000,,we are not worried about inflation\Nin advanced economies
Dialogue: 0,0:15:21.17,0:15:26.54,Default,,0000,0000,0000,,and in the majority of emerging\Nmarket economies.
Dialogue: 0,0:15:26.56,0:15:29.40,Default,,0000,0000,0000,,We do worry about inflation
Dialogue: 0,0:15:29.42,0:15:34.39,Default,,0000,0000,0000,,in countries that have weak fundamentals,
Dialogue: 0,0:15:34.42,0:15:38.87,Default,,0000,0000,0000,,no access to foreign exchange easily,
Dialogue: 0,0:15:38.90,0:15:43.99,Default,,0000,0000,0000,,where the only way to address the crisis
Dialogue: 0,0:15:44.01,0:15:47.24,Default,,0000,0000,0000,,is our help
Dialogue: 0,0:15:47.27,0:15:50.95,Default,,0000,0000,0000,,or their central banks\Nprinting more money.
Dialogue: 0,0:15:52.25,0:15:54.72,Default,,0000,0000,0000,,And sometimes it's\Na combination of those two.
Dialogue: 0,0:15:54.74,0:15:58.21,Default,,0000,0000,0000,,Why I don't worry about inflation\Nin advanced economies?
Dialogue: 0,0:15:58.72,0:16:04.82,Default,,0000,0000,0000,,Because countries\Nthat have their hard currency
Dialogue: 0,0:16:04.85,0:16:09.54,Default,,0000,0000,0000,,are putting liquidity in place,
Dialogue: 0,0:16:09.56,0:16:11.30,Default,,0000,0000,0000,,but at the same time,
Dialogue: 0,0:16:11.32,0:16:18.05,Default,,0000,0000,0000,,they're not seeing\Na big expansion of demand
Dialogue: 0,0:16:18.08,0:16:20.29,Default,,0000,0000,0000,,and prices being pushed up.
Dialogue: 0,0:16:21.36,0:16:24.48,Default,,0000,0000,0000,,So for these countries,
Dialogue: 0,0:16:24.51,0:16:27.80,Default,,0000,0000,0000,,at least for the observable future,
Dialogue: 0,0:16:27.82,0:16:33.64,Default,,0000,0000,0000,,we don't see a way of going,\Nlike after the Second World War,
Dialogue: 0,0:16:33.66,0:16:36.06,Default,,0000,0000,0000,,in inflation jumping up.
Dialogue: 0,0:16:36.72,0:16:41.88,Default,,0000,0000,0000,,The consumers are not consuming\Nso aggressively,
Dialogue: 0,0:16:41.90,0:16:45.41,Default,,0000,0000,0000,,demand is not that strong,
Dialogue: 0,0:16:45.43,0:16:51.18,Default,,0000,0000,0000,,and these are societies\Nwhere there is a lot of maturity
Dialogue: 0,0:16:51.20,0:16:55.53,Default,,0000,0000,0000,,in how they exercise their policy options.
Dialogue: 0,0:16:55.95,0:16:59.00,Default,,0000,0000,0000,,But if you are a poor country,
Dialogue: 0,0:16:59.03,0:17:03.97,Default,,0000,0000,0000,,that out of desperation,\Nwith no access to markets,
Dialogue: 0,0:17:03.99,0:17:07.02,Default,,0000,0000,0000,,no access to hard currency,
Dialogue: 0,0:17:07.04,0:17:13.32,Default,,0000,0000,0000,,ought to somehow put money supply enough,
Dialogue: 0,0:17:13.35,0:17:15.20,Default,,0000,0000,0000,,then inflation is going to be there.
Dialogue: 0,0:17:15.23,0:17:17.76,Default,,0000,0000,0000,,A very extreme case is Zimbabwe,
Dialogue: 0,0:17:17.79,0:17:20.56,Default,,0000,0000,0000,,and I do worry there may be\Nother countries.
Dialogue: 0,0:17:20.59,0:17:26.89,Default,,0000,0000,0000,,So this is why we are so determined\Nto engage with these countries early.
Dialogue: 0,0:17:27.66,0:17:31.80,Default,,0000,0000,0000,,And also look at some\Nof the high-debt countries.
Dialogue: 0,0:17:32.43,0:17:37.66,Default,,0000,0000,0000,,Would it be necessary,\Non a country-by-country basis,
Dialogue: 0,0:17:37.69,0:17:39.97,Default,,0000,0000,0000,,to restructure debts
Dialogue: 0,0:17:39.100,0:17:45.56,Default,,0000,0000,0000,,to prevent that moving\Nin a desperate direction?
Dialogue: 0,0:17:48.13,0:17:49.28,Default,,0000,0000,0000,,WPR: Thank you.
Dialogue: 0,0:17:49.31,0:17:52.71,Default,,0000,0000,0000,,And we have one more question\Nthat I wanted to share from our community.
Dialogue: 0,0:17:52.74,0:17:54.20,Default,,0000,0000,0000,,This is from Keith Yamashita,
Dialogue: 0,0:17:54.23,0:17:57.30,Default,,0000,0000,0000,,and it's about how we all can\Nbe involved in some of this change.
Dialogue: 0,0:17:57.32,0:17:59.97,Default,,0000,0000,0000,,"You are tasked with macro-economic\Nand funding efforts.
Dialogue: 0,0:17:59.99,0:18:03.09,Default,,0000,0000,0000,,What should we do as citizens\Nto help renewal and recovery?"
Dialogue: 0,0:18:04.43,0:18:09.19,Default,,0000,0000,0000,,KG: Well, it is incredibly important\Nfor all of us citizens --
Dialogue: 0,0:18:09.22,0:18:14.85,Default,,0000,0000,0000,,and aside of being the head of the IMF,\NI am also a global citizen --
Dialogue: 0,0:18:14.88,0:18:19.78,Default,,0000,0000,0000,,that we are to bring that notion
Dialogue: 0,0:18:19.80,0:18:23.71,Default,,0000,0000,0000,,of solidarity in a moment of crisis.
Dialogue: 0,0:18:25.32,0:18:30.01,Default,,0000,0000,0000,,I loved the way this segment
Dialogue: 0,0:18:30.04,0:18:35.85,Default,,0000,0000,0000,,was musically backed,\Nand it was "Lean on Me."
Dialogue: 0,0:18:37.19,0:18:42.03,Default,,0000,0000,0000,,It is very important\Nthat we do create that sense --
Dialogue: 0,0:18:42.06,0:18:46.06,Default,,0000,0000,0000,,"we are in this together,\Nwe will get through it together."
Dialogue: 0,0:18:46.53,0:18:49.26,Default,,0000,0000,0000,,And please, speak up on that.
Dialogue: 0,0:18:49.95,0:18:53.94,Default,,0000,0000,0000,,I was, for many years,\Ncrisis commissioner,
Dialogue: 0,0:18:53.97,0:18:59.44,Default,,0000,0000,0000,,and one thing I learned\Nis that the majority of people
Dialogue: 0,0:18:59.47,0:19:02.17,Default,,0000,0000,0000,,are positive, good people.
Dialogue: 0,0:19:02.98,0:19:04.55,Default,,0000,0000,0000,,You can lean on them.
Dialogue: 0,0:19:06.10,0:19:11.83,Default,,0000,0000,0000,,And there is a minority\Nthat is hateful and fearful
Dialogue: 0,0:19:11.86,0:19:13.70,Default,,0000,0000,0000,,and also very loud.
Dialogue: 0,0:19:14.18,0:19:18.29,Default,,0000,0000,0000,,So, good people, speak up.
Dialogue: 0,0:19:18.79,0:19:22.61,Default,,0000,0000,0000,,Spread that sense of\N"we are in this together,
Dialogue: 0,0:19:22.63,0:19:24.23,Default,,0000,0000,0000,,we'll get through it together."
Dialogue: 0,0:19:26.18,0:19:28.90,Default,,0000,0000,0000,,WPR: Thank you. I'll come back later\Nwith other questions.
Dialogue: 0,0:19:31.47,0:19:33.52,Default,,0000,0000,0000,,CA: Kristalina, I'd love to expand on that
Dialogue: 0,0:19:33.55,0:19:36.76,Default,,0000,0000,0000,,and just ask you a bit more\Nabout leadership, actually.
Dialogue: 0,0:19:36.78,0:19:41.23,Default,,0000,0000,0000,,You know, when people think\Nof the nations that have performed best,
Dialogue: 0,0:19:41.26,0:19:43.38,Default,,0000,0000,0000,,they often refer to --
Dialogue: 0,0:19:43.40,0:19:46.90,Default,,0000,0000,0000,,when I say best, best in response\Nto the current pandemic --
Dialogue: 0,0:19:46.93,0:19:49.65,Default,,0000,0000,0000,,they often refer to Germany, New Zealand,
Dialogue: 0,0:19:49.67,0:19:52.78,Default,,0000,0000,0000,,South Korea, Taiwan, Denmark and Norway.
Dialogue: 0,0:19:53.51,0:19:55.90,Default,,0000,0000,0000,,When they think of those\Nthat have performed worst,
Dialogue: 0,0:19:55.93,0:20:00.77,Default,,0000,0000,0000,,they often think of Spain,\NItaly, the UK, Belgium,
Dialogue: 0,0:20:00.79,0:20:04.08,Default,,0000,0000,0000,,Sweden, Iran, Brazil, Russia
Dialogue: 0,0:20:04.11,0:20:06.42,Default,,0000,0000,0000,,and the United States.
Dialogue: 0,0:20:07.80,0:20:10.62,Default,,0000,0000,0000,,All of that second group are run by men,
Dialogue: 0,0:20:10.64,0:20:13.74,Default,,0000,0000,0000,,all but one of the first group\Nare run by women.
Dialogue: 0,0:20:14.23,0:20:15.70,Default,,0000,0000,0000,,Is that a coincidence?
Dialogue: 0,0:20:17.46,0:20:19.59,Default,,0000,0000,0000,,KG: Well, now,
Dialogue: 0,0:20:19.61,0:20:24.99,Default,,0000,0000,0000,,speaking a bit subjectively as a woman,
Dialogue: 0,0:20:25.01,0:20:31.47,Default,,0000,0000,0000,,I do believe that women are great\Nto lead in a crisis.
Dialogue: 0,0:20:32.14,0:20:37.46,Default,,0000,0000,0000,,They are more likely to show empathy,
Dialogue: 0,0:20:37.49,0:20:40.61,Default,,0000,0000,0000,,to care about the most vulnerable people
Dialogue: 0,0:20:40.64,0:20:43.77,Default,,0000,0000,0000,,and to be able to speak about that.
Dialogue: 0,0:20:44.83,0:20:46.03,Default,,0000,0000,0000,,They are decisive.
Dialogue: 0,0:20:46.05,0:20:47.90,Default,,0000,0000,0000,,I can say that for myself,
Dialogue: 0,0:20:47.92,0:20:52.17,Default,,0000,0000,0000,,we take energy from action.
Dialogue: 0,0:20:52.92,0:20:59.24,Default,,0000,0000,0000,,And we don't tend to,\Nkind of, mourn and complain
Dialogue: 0,0:20:59.26,0:21:01.04,Default,,0000,0000,0000,,too much.
Dialogue: 0,0:21:02.34,0:21:06.31,Default,,0000,0000,0000,,So there is perhaps something to be said
Dialogue: 0,0:21:06.33,0:21:11.32,Default,,0000,0000,0000,,about the value of gender\Nequality for the future.
Dialogue: 0,0:21:12.36,0:21:18.23,Default,,0000,0000,0000,,Bring more women for this world\Nof more crisis ahead of us.
Dialogue: 0,0:21:19.76,0:21:23.40,Default,,0000,0000,0000,,CA: It's obviously hard to make\Ngeneralizations about gender of any kind,
Dialogue: 0,0:21:23.43,0:21:26.69,Default,,0000,0000,0000,,but I mean, is there also,\Nalmost, something
Dialogue: 0,0:21:26.71,0:21:28.79,Default,,0000,0000,0000,,about the embracing of nuance,
Dialogue: 0,0:21:28.82,0:21:30.87,Default,,0000,0000,0000,,that women might be\Nbetter at that than men?
Dialogue: 0,0:21:30.89,0:21:34.20,Default,,0000,0000,0000,,Men are often, it's like,\N"let's win, let's conquer,"
Dialogue: 0,0:21:34.22,0:21:38.11,Default,,0000,0000,0000,,and in a situation like this,\Nwhere it's all probabilities,
Dialogue: 0,0:21:38.14,0:21:41.71,Default,,0000,0000,0000,,it's like, there are so many\Ncomplex dials to turn
Dialogue: 0,0:21:41.74,0:21:48.60,Default,,0000,0000,0000,,on this dangerous pandemic machine\Nthat we're trying to wrestle.
Dialogue: 0,0:21:48.62,0:21:51.62,Default,,0000,0000,0000,,I mean, are women better\Nat handling nuance?
Dialogue: 0,0:21:52.32,0:21:53.86,Default,,0000,0000,0000,,KG: Let me say something, Chris.
Dialogue: 0,0:21:53.89,0:21:55.04,Default,,0000,0000,0000,,We need everybody,
Dialogue: 0,0:21:55.07,0:22:00.38,Default,,0000,0000,0000,,and we need this mixture of experience,\Nknowledge and predisposition.
Dialogue: 0,0:22:00.40,0:22:03.16,Default,,0000,0000,0000,,Men and women coming together.
Dialogue: 0,0:22:03.19,0:22:08.78,Default,,0000,0000,0000,,I find it that it is great\Nto have different perspectives
Dialogue: 0,0:22:08.81,0:22:10.14,Default,,0000,0000,0000,,when we make decisions.
Dialogue: 0,0:22:10.16,0:22:14.94,Default,,0000,0000,0000,,Then, the chances of making\Na good decision are higher.
Dialogue: 0,0:22:14.97,0:22:18.25,Default,,0000,0000,0000,,So we need each other,
Dialogue: 0,0:22:18.27,0:22:22.22,Default,,0000,0000,0000,,but we also need to recognize\Nis that yes, there are certain things,
Dialogue: 0,0:22:22.24,0:22:25.33,Default,,0000,0000,0000,,I have seen it time and again,
Dialogue: 0,0:22:25.36,0:22:29.76,Default,,0000,0000,0000,,women are more willing to find\Na pathway to compromise,
Dialogue: 0,0:22:29.78,0:22:35.75,Default,,0000,0000,0000,,they're more willing\Nto be corrected if they're wrong.
Dialogue: 0,0:22:35.77,0:22:37.52,Default,,0000,0000,0000,,Say, "Oh, OK, that's a good point,
Dialogue: 0,0:22:37.54,0:22:40.63,Default,,0000,0000,0000,,let me integrate it\Nin the way I think about it."
Dialogue: 0,0:22:40.99,0:22:43.82,Default,,0000,0000,0000,,And when you are in uncertainty,
Dialogue: 0,0:22:43.85,0:22:48.28,Default,,0000,0000,0000,,that is a huge advantage\Nin decision-making.
Dialogue: 0,0:22:49.74,0:22:53.34,Default,,0000,0000,0000,,CA: So perhaps talk a bit more\Nabout your own leadership in this moment.
Dialogue: 0,0:22:53.37,0:22:55.78,Default,,0000,0000,0000,,I mentioned you've only recently\Ncome to this job.
Dialogue: 0,0:22:55.80,0:22:58.02,Default,,0000,0000,0000,,Before that, you were\NEuropean Commissioner,
Dialogue: 0,0:22:58.05,0:23:03.12,Default,,0000,0000,0000,,you dealt with humanitarian crises\Nin more than one part of the world.
Dialogue: 0,0:23:03.14,0:23:04.81,Default,,0000,0000,0000,,And in your own country, Bulgaria,
Dialogue: 0,0:23:04.83,0:23:07.55,Default,,0000,0000,0000,,you witnessed the wholesale\Ntransformation of the country,
Dialogue: 0,0:23:07.58,0:23:10.10,Default,,0000,0000,0000,,both politically and economically.
Dialogue: 0,0:23:10.12,0:23:13.66,Default,,0000,0000,0000,,What lessons can you bring\Nfrom your past experience
Dialogue: 0,0:23:13.69,0:23:15.26,Default,,0000,0000,0000,,to this moment?
Dialogue: 0,0:23:16.61,0:23:19.07,Default,,0000,0000,0000,,KG: Well, there are many things I learned.
Dialogue: 0,0:23:19.09,0:23:23.02,Default,,0000,0000,0000,,I was very fortunate\Nto have these multiple experiences
Dialogue: 0,0:23:23.04,0:23:25.23,Default,,0000,0000,0000,,for the job I have now.
Dialogue: 0,0:23:25.79,0:23:28.29,Default,,0000,0000,0000,,But let me highlight three.
Dialogue: 0,0:23:28.89,0:23:33.70,Default,,0000,0000,0000,,First, how critically important it is
Dialogue: 0,0:23:33.73,0:23:39.27,Default,,0000,0000,0000,,to prepare for a crisis.
Dialogue: 0,0:23:39.29,0:23:41.50,Default,,0000,0000,0000,,Kind of, think of the unthinkable,
Dialogue: 0,0:23:41.52,0:23:46.60,Default,,0000,0000,0000,,and then act with some foresight
Dialogue: 0,0:23:46.62,0:23:49.47,Default,,0000,0000,0000,,when a shock hits you.
Dialogue: 0,0:23:50.64,0:23:56.97,Default,,0000,0000,0000,,You have a title for this series\Ncalled "Build Back Better."
Dialogue: 0,0:23:57.46,0:24:00.52,Default,,0000,0000,0000,,I actually would like\Nto modify it, if I may,
Dialogue: 0,0:24:00.54,0:24:05.56,Default,,0000,0000,0000,,and I would talk\Nabout "Build Better Before."
Dialogue: 0,0:24:07.17,0:24:11.89,Default,,0000,0000,0000,,Preparedness, prevention,\Npay off big time.
Dialogue: 0,0:24:12.99,0:24:14.14,Default,,0000,0000,0000,,The second --
Dialogue: 0,0:24:14.16,0:24:18.07,Default,,0000,0000,0000,,and not necessarily in priority,\Nit is as important --
Dialogue: 0,0:24:18.09,0:24:20.95,Default,,0000,0000,0000,,is collective action,
Dialogue: 0,0:24:20.97,0:24:23.36,Default,,0000,0000,0000,,working together.
Dialogue: 0,0:24:23.39,0:24:25.89,Default,,0000,0000,0000,,Seeking help, offering help.
Dialogue: 0,0:24:27.08,0:24:31.47,Default,,0000,0000,0000,,Makes a huge difference in an emergency.
Dialogue: 0,0:24:31.50,0:24:35.03,Default,,0000,0000,0000,,And the third is something\NI learned time and again.
Dialogue: 0,0:24:35.93,0:24:40.55,Default,,0000,0000,0000,,We don't know our internal strength
Dialogue: 0,0:24:40.58,0:24:42.90,Default,,0000,0000,0000,,until we are hit.
Dialogue: 0,0:24:43.45,0:24:45.21,Default,,0000,0000,0000,,We are so resilient,
Dialogue: 0,0:24:45.24,0:24:50.19,Default,,0000,0000,0000,,we are so able to withstand shocks,
Dialogue: 0,0:24:50.22,0:24:53.42,Default,,0000,0000,0000,,especially when we come together,
Dialogue: 0,0:24:53.44,0:24:57.89,Default,,0000,0000,0000,,that this always gives me\Nthis sense of optimism
Dialogue: 0,0:24:57.91,0:25:04.69,Default,,0000,0000,0000,,that, as hard as it is,\Nwe can overcome it.
Dialogue: 0,0:25:04.71,0:25:09.05,Default,,0000,0000,0000,,From the days when my country\Ncollapsed, the economy collapsed,
Dialogue: 0,0:25:09.07,0:25:11.45,Default,,0000,0000,0000,,I would get up at four o'clock\Nin the morning,
Dialogue: 0,0:25:11.48,0:25:14.48,Default,,0000,0000,0000,,queue to buy milk for my daughter,
Dialogue: 0,0:25:14.51,0:25:20.82,Default,,0000,0000,0000,,to the days when I would see\NSyrian refugees in terrible situations
Dialogue: 0,0:25:20.84,0:25:23.12,Default,,0000,0000,0000,,helping each other,
Dialogue: 0,0:25:23.14,0:25:27.17,Default,,0000,0000,0000,,to today, when I'm the head of the IMF,
Dialogue: 0,0:25:27.19,0:25:29.30,Default,,0000,0000,0000,,that internal strength,
Dialogue: 0,0:25:29.33,0:25:33.87,Default,,0000,0000,0000,,our power of resilience,
Dialogue: 0,0:25:33.90,0:25:36.03,Default,,0000,0000,0000,,the more we are together,
Dialogue: 0,0:25:36.05,0:25:38.59,Default,,0000,0000,0000,,the more it is amplified.
Dialogue: 0,0:25:40.20,0:25:43.31,Default,,0000,0000,0000,,CA: Actually, could you talk a bit more\Nabout the role of the IMF,
Dialogue: 0,0:25:43.34,0:25:46.51,Default,,0000,0000,0000,,especially as we look forward\Nto trying to recover from this?
Dialogue: 0,0:25:46.53,0:25:50.16,Default,,0000,0000,0000,,What specifically can your organization do
Dialogue: 0,0:25:50.19,0:25:51.46,Default,,0000,0000,0000,,to take us forward?
Dialogue: 0,0:25:52.35,0:25:56.01,Default,,0000,0000,0000,,KG: So there are three things\Nthat are quite unique for the IMF,
Dialogue: 0,0:25:56.04,0:26:00.48,Default,,0000,0000,0000,,and they're really so important\Nin a time of crisis.
Dialogue: 0,0:26:00.99,0:26:05.14,Default,,0000,0000,0000,,The first one is to give a good\Ndiagnostic of what is happening
Dialogue: 0,0:26:05.16,0:26:07.03,Default,,0000,0000,0000,,and what is the way forward.
Dialogue: 0,0:26:07.58,0:26:09.81,Default,,0000,0000,0000,,Let me just say, in this crisis,
Dialogue: 0,0:26:09.84,0:26:11.64,Default,,0000,0000,0000,,in the very first weeks,
Dialogue: 0,0:26:11.66,0:26:18.24,Default,,0000,0000,0000,,we put together, we call it\Npolicy action tracker, for 193 countries.
Dialogue: 0,0:26:18.26,0:26:20.38,Default,,0000,0000,0000,,What actions are countries taking,
Dialogue: 0,0:26:20.41,0:26:22.47,Default,,0000,0000,0000,,how they can learn from each other,
Dialogue: 0,0:26:22.49,0:26:25.08,Default,,0000,0000,0000,,so we can be more effective together.
Dialogue: 0,0:26:25.11,0:26:27.35,Default,,0000,0000,0000,,We are adding to it, now,
Dialogue: 0,0:26:27.37,0:26:31.58,Default,,0000,0000,0000,,actions for responsible reopening\Nof the economies
Dialogue: 0,0:26:31.60,0:26:33.74,Default,,0000,0000,0000,,exactly with that purpose.
Dialogue: 0,0:26:34.18,0:26:35.86,Default,,0000,0000,0000,,What we are known best for,
Dialogue: 0,0:26:35.88,0:26:39.60,Default,,0000,0000,0000,,we are the financial first responder.
Dialogue: 0,0:26:40.63,0:26:45.13,Default,,0000,0000,0000,,We are coming in this incredible shock
Dialogue: 0,0:26:45.16,0:26:49.52,Default,,0000,0000,0000,,with very significant financial firepower.
Dialogue: 0,0:26:50.11,0:26:56.64,Default,,0000,0000,0000,,And what people don't know\Nis that the Fund has multiple instruments.
Dialogue: 0,0:26:56.67,0:27:01.41,Default,,0000,0000,0000,,Emergency financing\Nis the one we doubled for this crisis.
Dialogue: 0,0:27:01.74,0:27:03.96,Default,,0000,0000,0000,,And it is no conditionalities.
Dialogue: 0,0:27:03.99,0:27:06.52,Default,,0000,0000,0000,,We are asking one thing, Chris.
Dialogue: 0,0:27:07.18,0:27:10.85,Default,,0000,0000,0000,,Pay your doctors\Nand your nurses, your hospitals,
Dialogue: 0,0:27:10.87,0:27:14.16,Default,,0000,0000,0000,,protect your most vulnerable people\Nand parts of the economy.
Dialogue: 0,0:27:14.18,0:27:16.16,Default,,0000,0000,0000,,That's it, this is the condition.
Dialogue: 0,0:27:16.71,0:27:19.47,Default,,0000,0000,0000,,And the third thing we do at the Fund
Dialogue: 0,0:27:19.50,0:27:24.56,Default,,0000,0000,0000,,is to help countries\Nhave the capacity for good policies.
Dialogue: 0,0:27:24.58,0:27:27.56,Default,,0000,0000,0000,,After the financial crisis,
Dialogue: 0,0:27:27.58,0:27:31.24,Default,,0000,0000,0000,,we helped many countries\Nto have good debt management,
Dialogue: 0,0:27:31.27,0:27:33.01,Default,,0000,0000,0000,,good fiscal management,
Dialogue: 0,0:27:33.04,0:27:34.80,Default,,0000,0000,0000,,transparency and accountability
Dialogue: 0,0:27:34.82,0:27:38.85,Default,,0000,0000,0000,,to improve the performance\Nof public finance.
Dialogue: 0,0:27:39.21,0:27:44.24,Default,,0000,0000,0000,,So the Fund is not a very big organization
Dialogue: 0,0:27:44.27,0:27:45.42,Default,,0000,0000,0000,,by any standard,
Dialogue: 0,0:27:45.44,0:27:47.45,Default,,0000,0000,0000,,we are some 3,000 people.
Dialogue: 0,0:27:47.82,0:27:51.14,Default,,0000,0000,0000,,Highly professional, incredibly committed.
Dialogue: 0,0:27:51.52,0:27:56.82,Default,,0000,0000,0000,,When you use the expression\N"all hands on deck," that's us.
Dialogue: 0,0:27:57.70,0:27:59.14,Default,,0000,0000,0000,,And it is a digital deck,
Dialogue: 0,0:27:59.16,0:28:01.30,Default,,0000,0000,0000,,it is a digital deck these days.
Dialogue: 0,0:28:02.69,0:28:04.87,Default,,0000,0000,0000,,CA: I mean, this is a global crisis.
Dialogue: 0,0:28:04.90,0:28:08.45,Default,,0000,0000,0000,,A lot of people are worried\Nthat unlike perhaps even in 2008,
Dialogue: 0,0:28:08.48,0:28:11.54,Default,,0000,0000,0000,,where it really did seem\Nthere was a lot of global cooperation,
Dialogue: 0,0:28:11.56,0:28:13.52,Default,,0000,0000,0000,,there's actually, in some worrying ways,
Dialogue: 0,0:28:13.55,0:28:15.85,Default,,0000,0000,0000,,less this time?
Dialogue: 0,0:28:17.00,0:28:18.23,Default,,0000,0000,0000,,Are you worried about
Dialogue: 0,0:28:18.25,0:28:21.12,Default,,0000,0000,0000,,how crucial is that\Nto getting us through this?
Dialogue: 0,0:28:21.97,0:28:25.67,Default,,0000,0000,0000,,KG: I mean, my preoccupation is,
Dialogue: 0,0:28:25.70,0:28:28.86,Default,,0000,0000,0000,,in our mandate,\Nin my area of responsibility,
Dialogue: 0,0:28:28.89,0:28:30.37,Default,,0000,0000,0000,,bring the membership together.
Dialogue: 0,0:28:30.39,0:28:32.75,Default,,0000,0000,0000,,We have almost the whole world,
Dialogue: 0,0:28:32.78,0:28:35.75,Default,,0000,0000,0000,,189 countries are our members,
Dialogue: 0,0:28:35.78,0:28:42.66,Default,,0000,0000,0000,,and so far, I am very impressed\Nby how responsive the membership has been.
Dialogue: 0,0:28:42.68,0:28:45.80,Default,,0000,0000,0000,,I put in front of them in the spring
Dialogue: 0,0:28:45.82,0:28:48.86,Default,,0000,0000,0000,,a package, very strong package of measures
Dialogue: 0,0:28:48.89,0:28:52.74,Default,,0000,0000,0000,,to expand the role\Nof the IMF in the crisis.
Dialogue: 0,0:28:52.77,0:28:54.93,Default,,0000,0000,0000,,Everything that we ask for --
Dialogue: 0,0:28:54.95,0:28:57.84,Default,,0000,0000,0000,,we ask for doubling emergency financing,
Dialogue: 0,0:28:57.86,0:28:59.02,Default,,0000,0000,0000,,we got it.
Dialogue: 0,0:28:59.05,0:29:00.21,Default,,0000,0000,0000,,Very interesting.
Dialogue: 0,0:29:00.24,0:29:03.32,Default,,0000,0000,0000,,We ask for tripling\Nconcession of financing.
Dialogue: 0,0:29:03.34,0:29:05.67,Default,,0000,0000,0000,,Exactly because, you know,
Dialogue: 0,0:29:05.70,0:29:10.08,Default,,0000,0000,0000,,like the virus hits people\Nwith a weak system the hardest,
Dialogue: 0,0:29:10.11,0:29:13.83,Default,,0000,0000,0000,,the crisis hits weak\Neconomies the hardest.
Dialogue: 0,0:29:13.85,0:29:17.27,Default,,0000,0000,0000,,So we wanted to triple\Nconcession of financing.
Dialogue: 0,0:29:17.29,0:29:21.07,Default,,0000,0000,0000,,Within one month, we got it.
Dialogue: 0,0:29:21.50,0:29:24.43,Default,,0000,0000,0000,,We asked for grants for debt relief,
Dialogue: 0,0:29:24.46,0:29:25.63,Default,,0000,0000,0000,,we got it.
Dialogue: 0,0:29:25.65,0:29:31.08,Default,,0000,0000,0000,,So what I'm trying to say here\Nis that we need to focus
Dialogue: 0,0:29:31.10,0:29:35.14,Default,,0000,0000,0000,,on ways in which we bring\Nthe world together.
Dialogue: 0,0:29:35.62,0:29:39.15,Default,,0000,0000,0000,,And then act on that.
Dialogue: 0,0:29:39.17,0:29:42.56,Default,,0000,0000,0000,,Rather than complaining
Dialogue: 0,0:29:42.58,0:29:47.11,Default,,0000,0000,0000,,that maybe not everything\Nis the way it should be,
Dialogue: 0,0:29:47.13,0:29:50.30,Default,,0000,0000,0000,,do your duty to the global community.
Dialogue: 0,0:29:51.39,0:29:52.54,Default,,0000,0000,0000,,CA: Well, indeed.
Dialogue: 0,0:29:52.56,0:29:57.10,Default,,0000,0000,0000,,And the IMF is dependent\Non the financing from its members,
Dialogue: 0,0:29:57.12,0:29:58.28,Default,,0000,0000,0000,,its key members.
Dialogue: 0,0:29:58.30,0:29:59.58,Default,,0000,0000,0000,,KG: Yes.
Dialogue: 0,0:29:59.61,0:30:01.92,Default,,0000,0000,0000,,CA: I mean, you spoke\Nof the trillion dollars
Dialogue: 0,0:30:01.95,0:30:06.04,Default,,0000,0000,0000,,that you are looking to make available\Nto nations that need it.
Dialogue: 0,0:30:06.07,0:30:07.80,Default,,0000,0000,0000,,As I read it, that comes from --
Dialogue: 0,0:30:07.82,0:30:11.95,Default,,0000,0000,0000,,you've got these units\Ncalled Special Drawing Rights.
Dialogue: 0,0:30:11.97,0:30:14.45,Default,,0000,0000,0000,,You basically draw\Na currency from members.
Dialogue: 0,0:30:14.47,0:30:17.56,Default,,0000,0000,0000,,And hasn't there been pushback,\Nthough, from the US,
Dialogue: 0,0:30:17.58,0:30:22.43,Default,,0000,0000,0000,,to block that effort\Nof raising all that money?
Dialogue: 0,0:30:23.34,0:30:29.17,Default,,0000,0000,0000,,KG: So the one trillion dollars\Nis from our quotas
Dialogue: 0,0:30:29.20,0:30:34.30,Default,,0000,0000,0000,,and also from our ability to move money
Dialogue: 0,0:30:34.32,0:30:40.04,Default,,0000,0000,0000,,from well-to-do members\Nfrom the advanced economies
Dialogue: 0,0:30:40.06,0:30:44.14,Default,,0000,0000,0000,,and lend it at very low or zero interest
Dialogue: 0,0:30:44.16,0:30:46.100,Default,,0000,0000,0000,,to the developing emerging markets.
Dialogue: 0,0:30:47.02,0:30:48.60,Default,,0000,0000,0000,,And we had this one trillion
Dialogue: 0,0:30:48.62,0:30:52.27,Default,,0000,0000,0000,,and what was very interesting,\Nnot everybody noticed that --
Dialogue: 0,0:30:52.29,0:30:57.31,Default,,0000,0000,0000,,the US, in their two trillion\Ndollars stimulus package,
Dialogue: 0,0:30:57.33,0:31:00.18,Default,,0000,0000,0000,,included the support for the IMF.
Dialogue: 0,0:31:00.91,0:31:02.94,Default,,0000,0000,0000,,The Special Drawing Rights
Dialogue: 0,0:31:02.97,0:31:05.23,Default,,0000,0000,0000,,is something that we, indeed,
Dialogue: 0,0:31:05.25,0:31:09.62,Default,,0000,0000,0000,,don't have yet consensus\Namong the membership to do.
Dialogue: 0,0:31:10.17,0:31:15.66,Default,,0000,0000,0000,,It was done during the 2009 crisis,
Dialogue: 0,0:31:15.69,0:31:19.12,Default,,0000,0000,0000,,issuing liquidity,
Dialogue: 0,0:31:19.14,0:31:21.12,Default,,0000,0000,0000,,and it goes to everybody.
Dialogue: 0,0:31:21.76,0:31:24.31,Default,,0000,0000,0000,,And there are many voices,\Nincluding mine --
Dialogue: 0,0:31:24.33,0:31:26.87,Default,,0000,0000,0000,,I spoke to the G20 about that --
Dialogue: 0,0:31:26.90,0:31:29.92,Default,,0000,0000,0000,,that are saying, well, that may be\Na good thing to do now.
Dialogue: 0,0:31:30.75,0:31:35.11,Default,,0000,0000,0000,,It is not being supported for reasons.
Dialogue: 0,0:31:35.14,0:31:37.41,Default,,0000,0000,0000,,It is not just capriciously.
Dialogue: 0,0:31:37.96,0:31:42.74,Default,,0000,0000,0000,,The problem with Special Drawing Rights\Nis that when we issue them,
Dialogue: 0,0:31:42.77,0:31:44.53,Default,,0000,0000,0000,,they go to all members,
Dialogue: 0,0:31:44.55,0:31:50.09,Default,,0000,0000,0000,,and the advanced economies\Nget 62 percent of the new allocation,
Dialogue: 0,0:31:50.11,0:31:52.40,Default,,0000,0000,0000,,and there are some that are saying,
Dialogue: 0,0:31:52.42,0:31:55.70,Default,,0000,0000,0000,,"Can we think of something\Nthat is more directed,
Dialogue: 0,0:31:55.72,0:31:59.11,Default,,0000,0000,0000,,or exclusively directed\Nto those who need it?"
Dialogue: 0,0:31:59.46,0:32:02.20,Default,,0000,0000,0000,,But, Chris, everything\Nis on the table for us.
Dialogue: 0,0:32:02.22,0:32:06.64,Default,,0000,0000,0000,,As the crisis unfolds,
Dialogue: 0,0:32:06.66,0:32:11.03,Default,,0000,0000,0000,,we need to do more,\Nwe bring the membership to do more.
Dialogue: 0,0:32:13.03,0:32:14.18,Default,,0000,0000,0000,,CA: Whitney.
Dialogue: 0,0:32:14.92,0:32:17.30,Default,,0000,0000,0000,,WPR: We actually have a question\Nfrom the community
Dialogue: 0,0:32:17.33,0:32:19.84,Default,,0000,0000,0000,,that builds on what\Nyou're discussing right now.
Dialogue: 0,0:32:19.86,0:32:21.87,Default,,0000,0000,0000,,Yavnika Khanna asks,
Dialogue: 0,0:32:21.90,0:32:25.32,Default,,0000,0000,0000,,"Which countries will prove to be\Nresilient in the Great Transformation:
Dialogue: 0,0:32:25.34,0:32:28.83,Default,,0000,0000,0000,,those with popular leaders\Nor those with sound financial systems?"
Dialogue: 0,0:32:29.51,0:32:31.89,Default,,0000,0000,0000,,KG: You know, they both matter.
Dialogue: 0,0:32:32.76,0:32:35.70,Default,,0000,0000,0000,,Countries with strong fundamentals
Dialogue: 0,0:32:35.73,0:32:40.34,Default,,0000,0000,0000,,are clearly going through this crisis
Dialogue: 0,0:32:40.36,0:32:47.01,Default,,0000,0000,0000,,with less trauma than those\Nthat had weak fundamentals to begin with.
Dialogue: 0,0:32:47.46,0:32:50.27,Default,,0000,0000,0000,,And of course, leadership matters.
Dialogue: 0,0:32:50.30,0:32:54.42,Default,,0000,0000,0000,,How you mobilize a country\Nfor action matters.
Dialogue: 0,0:32:55.47,0:32:59.49,Default,,0000,0000,0000,,In my view, what we would see\Non the other side,
Dialogue: 0,0:32:59.51,0:33:05.49,Default,,0000,0000,0000,,the winners would be those\Nwho think today of this crisis
Dialogue: 0,0:33:05.51,0:33:07.76,Default,,0000,0000,0000,,also as an opportunity.
Dialogue: 0,0:33:08.83,0:33:13.35,Default,,0000,0000,0000,,Clearly, digital transformation\Nis a huge opportunity.
Dialogue: 0,0:33:13.97,0:33:18.75,Default,,0000,0000,0000,,Moving to e-learning, e-government,
Dialogue: 0,0:33:18.78,0:33:22.08,Default,,0000,0000,0000,,e-payments, e-commerce,
Dialogue: 0,0:33:22.10,0:33:26.39,Default,,0000,0000,0000,,linking small and medium-sized enterprises
Dialogue: 0,0:33:26.41,0:33:28.45,Default,,0000,0000,0000,,through digital to consumers,
Dialogue: 0,0:33:28.47,0:33:29.62,Default,,0000,0000,0000,,big winner.
Dialogue: 0,0:33:30.62,0:33:34.41,Default,,0000,0000,0000,,Secondly, I very much hope
Dialogue: 0,0:33:34.43,0:33:38.34,Default,,0000,0000,0000,,that we would come on the other side
Dialogue: 0,0:33:38.36,0:33:41.13,Default,,0000,0000,0000,,with a low carbon footprint
Dialogue: 0,0:33:41.15,0:33:44.28,Default,,0000,0000,0000,,and a more climate-resilient economy.
Dialogue: 0,0:33:44.82,0:33:47.33,Default,,0000,0000,0000,,Those who move in this direction,
Dialogue: 0,0:33:47.35,0:33:52.16,Default,,0000,0000,0000,,they would reduce the risk\Nfor themselves and the world.
Dialogue: 0,0:33:52.92,0:33:54.36,Default,,0000,0000,0000,,From this other crisis,
Dialogue: 0,0:33:54.38,0:33:56.68,Default,,0000,0000,0000,,that we are not talking\Nso much about these days,
Dialogue: 0,0:33:56.70,0:33:58.70,Default,,0000,0000,0000,,but it hasn't gone anywhere.
Dialogue: 0,0:33:58.73,0:34:01.02,Default,,0000,0000,0000,,And you know, if you don't like pandemic,
Dialogue: 0,0:34:01.04,0:34:05.56,Default,,0000,0000,0000,,you are not going to like\Nthe climate crisis at all.
Dialogue: 0,0:34:06.41,0:34:08.89,Default,,0000,0000,0000,,And also, countries that are thinking
Dialogue: 0,0:34:08.92,0:34:15.70,Default,,0000,0000,0000,,of how to make the economy in the future
Dialogue: 0,0:34:15.73,0:34:17.33,Default,,0000,0000,0000,,a fairer economy.
Dialogue: 0,0:34:17.36,0:34:19.09,Default,,0000,0000,0000,,In other words,
Dialogue: 0,0:34:19.12,0:34:24.69,Default,,0000,0000,0000,,we have been seeing inequality\Nbuilding up before this crisis.
Dialogue: 0,0:34:25.71,0:34:29.79,Default,,0000,0000,0000,,My colleagues\Nwho have researched pandemics
Dialogue: 0,0:34:29.82,0:34:32.55,Default,,0000,0000,0000,,have a very bitter lesson for us.
Dialogue: 0,0:34:32.58,0:34:33.80,Default,,0000,0000,0000,,After pandemics,
Dialogue: 0,0:34:33.82,0:34:38.54,Default,,0000,0000,0000,,after H1N1,
Dialogue: 0,0:34:38.57,0:34:42.08,Default,,0000,0000,0000,,after SARS, after Zika,
Dialogue: 0,0:34:42.11,0:34:43.38,Default,,0000,0000,0000,,inequality goes up.
Dialogue: 0,0:34:44.76,0:34:48.88,Default,,0000,0000,0000,,Well, are we going to let\Ninequality to go up, up,
Dialogue: 0,0:34:48.90,0:34:50.05,Default,,0000,0000,0000,,after this crisis?
Dialogue: 0,0:34:50.08,0:34:51.66,Default,,0000,0000,0000,,And if we do,
Dialogue: 0,0:34:51.69,0:34:54.93,Default,,0000,0000,0000,,we are damaging\Nthe fabric of our societies,
Dialogue: 0,0:34:54.96,0:35:01.04,Default,,0000,0000,0000,,and my sense is that hundreds\Nof millions of people in this crisis
Dialogue: 0,0:35:01.06,0:35:07.26,Default,,0000,0000,0000,,would much prefer\Nto have a simpler, fairer,
Dialogue: 0,0:35:07.29,0:35:10.22,Default,,0000,0000,0000,,more equitable world to live in,
Dialogue: 0,0:35:10.25,0:35:13.22,Default,,0000,0000,0000,,and definitely, a more sustainable world.
Dialogue: 0,0:35:14.62,0:35:16.01,Default,,0000,0000,0000,,CA: Mm.
Dialogue: 0,0:35:16.04,0:35:17.77,Default,,0000,0000,0000,,KG: Those would be the winners.
Dialogue: 0,0:35:20.04,0:35:21.21,Default,,0000,0000,0000,,WPR: Definitely.
Dialogue: 0,0:35:21.23,0:35:23.38,Default,,0000,0000,0000,,And just one more question\Nfrom our community,
Dialogue: 0,0:35:23.40,0:35:26.97,Default,,0000,0000,0000,,before turning it back to Chris\Nfor some final questions here.
Dialogue: 0,0:35:26.100,0:35:30.22,Default,,0000,0000,0000,,You know, this one\Nis from Sarah Rugheimer.
Dialogue: 0,0:35:30.24,0:35:32.70,Default,,0000,0000,0000,,And the question is,
Dialogue: 0,0:35:32.73,0:35:37.30,Default,,0000,0000,0000,,"What do you see as the main potential\Npositive shifts / changes
Dialogue: 0,0:35:37.32,0:35:38.66,Default,,0000,0000,0000,,in this world
Dialogue: 0,0:35:38.69,0:35:41.93,Default,,0000,0000,0000,,from this pandemic, say,\Ntwo to 10 years from now?"
Dialogue: 0,0:35:42.97,0:35:46.61,Default,,0000,0000,0000,,KG: Well, I touched upon it a little bit.
Dialogue: 0,0:35:46.63,0:35:52.26,Default,,0000,0000,0000,,First, I hope to see fiscal policy
Dialogue: 0,0:35:53.41,0:35:56.36,Default,,0000,0000,0000,,to help us recover
Dialogue: 0,0:35:56.38,0:36:01.56,Default,,0000,0000,0000,,to be geared towards green recovery
Dialogue: 0,0:36:01.58,0:36:04.63,Default,,0000,0000,0000,,and more equitable recovery.
Dialogue: 0,0:36:05.70,0:36:09.63,Default,,0000,0000,0000,,And that is something\Nthat is in the hands of policymakers.
Dialogue: 0,0:36:09.66,0:36:11.56,Default,,0000,0000,0000,,It can be done.
Dialogue: 0,0:36:12.62,0:36:18.90,Default,,0000,0000,0000,,Secondly, I very much hope to see us
Dialogue: 0,0:36:18.93,0:36:23.10,Default,,0000,0000,0000,,integrating what we have learned\Nfrom the crisis,
Dialogue: 0,0:36:23.13,0:36:27.59,Default,,0000,0000,0000,,in terms of virtual work.
Dialogue: 0,0:36:28.13,0:36:30.56,Default,,0000,0000,0000,,My organization, the IMF,
Dialogue: 0,0:36:30.58,0:36:35.10,Default,,0000,0000,0000,,well, we can shrink\Nour carbon footprint dramatically
Dialogue: 0,0:36:35.12,0:36:38.78,Default,,0000,0000,0000,,just by sustaining the practices\Nwe are developing now,
Dialogue: 0,0:36:38.80,0:36:40.12,Default,,0000,0000,0000,,and we will.
Dialogue: 0,0:36:41.44,0:36:46.44,Default,,0000,0000,0000,,I certainly hope to see, in the future,
Dialogue: 0,0:36:46.46,0:36:52.39,Default,,0000,0000,0000,,much more attention to two things\Nthat we saw in this crisis are essential.
Dialogue: 0,0:36:52.95,0:36:56.12,Default,,0000,0000,0000,,Universal access to health in some form,
Dialogue: 0,0:36:56.14,0:36:58.38,Default,,0000,0000,0000,,strong health systems,
Dialogue: 0,0:36:58.40,0:37:03.37,Default,,0000,0000,0000,,as well as strong social safety nets,
Dialogue: 0,0:37:03.39,0:37:08.12,Default,,0000,0000,0000,,built as automatic stabilizers\Nin a time of shock.
Dialogue: 0,0:37:08.42,0:37:12.65,Default,,0000,0000,0000,,And by the way, it is cheaper\Nif we do it in this way.
Dialogue: 0,0:37:13.17,0:37:18.36,Default,,0000,0000,0000,,The bill for everyone\Nis going to be smaller.
Dialogue: 0,0:37:20.28,0:37:26.17,Default,,0000,0000,0000,,And also, I very much hope\Nthat this notion of investing in people,
Dialogue: 0,0:37:26.20,0:37:30.73,Default,,0000,0000,0000,,recognizing that now that we see\Nthis horrible tragedy,
Dialogue: 0,0:37:30.75,0:37:32.99,Default,,0000,0000,0000,,the loss of lives,
Dialogue: 0,0:37:33.02,0:37:38.82,Default,,0000,0000,0000,,that investing in people\Nis the very best investment we can make.
Dialogue: 0,0:37:40.45,0:37:41.68,Default,,0000,0000,0000,,CA: Mm.
Dialogue: 0,0:37:41.71,0:37:42.86,Default,,0000,0000,0000,,WPR: That's great.
Dialogue: 0,0:37:44.42,0:37:47.69,Default,,0000,0000,0000,,CA: So, see you again\Nin a minute, Whitney.
Dialogue: 0,0:37:49.64,0:37:50.97,Default,,0000,0000,0000,,Kristalina, it's so --
Dialogue: 0,0:37:54.38,0:37:57.33,Default,,0000,0000,0000,,It's so inspiring, actually,\Nhearing the energy and stuff,
Dialogue: 0,0:37:57.36,0:37:59.35,Default,,0000,0000,0000,,the energy that you're bringing to this.
Dialogue: 0,0:37:59.38,0:38:01.83,Default,,0000,0000,0000,,I don't think many people coming into this
Dialogue: 0,0:38:01.86,0:38:05.69,Default,,0000,0000,0000,,would have expected to hear,\Nfrom the head of the IMF,
Dialogue: 0,0:38:05.71,0:38:07.91,Default,,0000,0000,0000,,this emphasis on, you know,
Dialogue: 0,0:38:07.93,0:38:09.85,Default,,0000,0000,0000,,"Let's solve the climate crisis,
Dialogue: 0,0:38:09.88,0:38:15.17,Default,,0000,0000,0000,,let's tackle inequality and injustice."
Dialogue: 0,0:38:15.87,0:38:19.28,Default,,0000,0000,0000,,Do you really believe that this moment,
Dialogue: 0,0:38:19.30,0:38:24.47,Default,,0000,0000,0000,,this crisis could help lead us\Ninto a great transformation?
Dialogue: 0,0:38:24.49,0:38:27.18,Default,,0000,0000,0000,,People will feel it's your job\Nto sound positive,
Dialogue: 0,0:38:27.21,0:38:29.24,Default,,0000,0000,0000,,you have to do that.
Dialogue: 0,0:38:29.63,0:38:34.81,Default,,0000,0000,0000,,Do you really see the path forward\Nthat we can get through this,
Dialogue: 0,0:38:34.83,0:38:39.23,Default,,0000,0000,0000,,and what sort of timescale\Nare we talking about here, Kristalina?
Dialogue: 0,0:38:40.41,0:38:45.43,Default,,0000,0000,0000,,KG: Well, you know, one thing I learned\Nfrom the transition I lived through,
Dialogue: 0,0:38:45.45,0:38:48.31,Default,,0000,0000,0000,,the transition from central\Nplanning to markets,
Dialogue: 0,0:38:48.34,0:38:52.87,Default,,0000,0000,0000,,is it is tough, it is long, it is painful
Dialogue: 0,0:38:52.90,0:38:54.85,Default,,0000,0000,0000,,and it is a road that takes turns.
Dialogue: 0,0:38:54.87,0:39:00.62,Default,,0000,0000,0000,,So I don't have an expectation\Nof miracle from here to there.
Dialogue: 0,0:39:00.65,0:39:06.99,Default,,0000,0000,0000,,But I genuinely believe that we are now
Dialogue: 0,0:39:07.01,0:39:10.13,Default,,0000,0000,0000,,in a point of our history
Dialogue: 0,0:39:10.16,0:39:15.34,Default,,0000,0000,0000,,when people demand from their leaders
Dialogue: 0,0:39:15.36,0:39:18.39,Default,,0000,0000,0000,,safety and security
Dialogue: 0,0:39:18.41,0:39:25.03,Default,,0000,0000,0000,,and a society that is not\Ntorn apart by conflicts.
Dialogue: 0,0:39:25.91,0:39:29.91,Default,,0000,0000,0000,,And that is actually not unusual to see.
Dialogue: 0,0:39:29.93,0:39:34.54,Default,,0000,0000,0000,,So, I would turn the table\Na little bit on you, Chris.
Dialogue: 0,0:39:35.53,0:39:37.17,Default,,0000,0000,0000,,After a war,
Dialogue: 0,0:39:37.20,0:39:39.26,Default,,0000,0000,0000,,we see the world coming together
Dialogue: 0,0:39:39.28,0:39:41.93,Default,,0000,0000,0000,,and building a better world.
Dialogue: 0,0:39:41.95,0:39:43.62,Default,,0000,0000,0000,,Why not after a pandemic?
Dialogue: 0,0:39:45.13,0:39:48.30,Default,,0000,0000,0000,,And yes,
Dialogue: 0,0:39:48.33,0:39:54.74,Default,,0000,0000,0000,,we can make mistakes and not take\Nthe right road to travel.
Dialogue: 0,0:39:56.16,0:40:02.89,Default,,0000,0000,0000,,But we certainly have an obligation\Nto try to get on that road.
Dialogue: 0,0:40:04.32,0:40:05.95,Default,,0000,0000,0000,,CA: So if you could just inject --
Dialogue: 0,0:40:05.97,0:40:08.96,Default,,0000,0000,0000,,KG: And everybody matters for that.
Dialogue: 0,0:40:10.21,0:40:15.43,Default,,0000,0000,0000,,CA: So if you could inject one idea\Ninto the mind of everybody,
Dialogue: 0,0:40:15.45,0:40:18.90,Default,,0000,0000,0000,,or into to the world leaders\Nwho listen to you,
Dialogue: 0,0:40:18.93,0:40:22.02,Default,,0000,0000,0000,,what would that idea be at this moment?
Dialogue: 0,0:40:24.13,0:40:25.28,Default,,0000,0000,0000,,KG: Optimism.
Dialogue: 0,0:40:26.00,0:40:28.20,Default,,0000,0000,0000,,Build a better world.
Dialogue: 0,0:40:30.61,0:40:34.43,Default,,0000,0000,0000,,Possible, desirable, we must do it.
Dialogue: 0,0:40:37.61,0:40:39.67,Default,,0000,0000,0000,,CA: That sounds like\Noptimism as the stance,
Dialogue: 0,0:40:39.70,0:40:41.77,Default,,0000,0000,0000,,not just a naive belief\Nthat it will happen,
Dialogue: 0,0:40:41.79,0:40:43.65,Default,,0000,0000,0000,,but a determination to make it so.
Dialogue: 0,0:40:43.68,0:40:45.20,Default,,0000,0000,0000,,That's what you're calling for.
Dialogue: 0,0:40:45.23,0:40:48.29,Default,,0000,0000,0000,,To use that as the motivation\Nto pull us all forward together.
Dialogue: 0,0:40:50.09,0:40:53.87,Default,,0000,0000,0000,,KG: Chris, do I have one minute,\Nor I'm done, I need to go?
Dialogue: 0,0:40:55.10,0:41:00.53,Default,,0000,0000,0000,,CA: If you want to say one last thing\Nin one minute, alright, go.
Dialogue: 0,0:41:00.56,0:41:02.42,Default,,0000,0000,0000,,KG: I want to say one thing.
Dialogue: 0,0:41:02.95,0:41:08.16,Default,,0000,0000,0000,,To recommend to the audience\Nto watch the movie
Dialogue: 0,0:41:08.18,0:41:10.02,Default,,0000,0000,0000,,"Bridge of Spies."
Dialogue: 0,0:41:10.56,0:41:12.20,Default,,0000,0000,0000,,There is a part in the movie
Dialogue: 0,0:41:12.22,0:41:18.91,Default,,0000,0000,0000,,in which the two main actors,
Dialogue: 0,0:41:18.94,0:41:23.91,Default,,0000,0000,0000,,the lawyer and the Russian spy,\Ntalk to each other.
Dialogue: 0,0:41:23.94,0:41:27.48,Default,,0000,0000,0000,,The lawyer says, "Things are very bad,\Nit looks like you may hang."
Dialogue: 0,0:41:28.38,0:41:29.89,Default,,0000,0000,0000,,The spy is very calm.
Dialogue: 0,0:41:29.91,0:41:32.43,Default,,0000,0000,0000,,Lawyer says, "Aren't you worried?"
Dialogue: 0,0:41:32.45,0:41:34.99,Default,,0000,0000,0000,,The spy answers, "Would it help?"
Dialogue: 0,0:41:36.40,0:41:40.20,Default,,0000,0000,0000,,So my message is, it is tough,
Dialogue: 0,0:41:40.23,0:41:43.83,Default,,0000,0000,0000,,but worries won't help.
Dialogue: 0,0:41:45.66,0:41:48.04,Default,,0000,0000,0000,,Positive action will.
Dialogue: 0,0:41:48.06,0:41:51.25,Default,,0000,0000,0000,,Positive, stay positive,\Nso that's my message.
Dialogue: 0,0:41:53.46,0:41:55.08,Default,,0000,0000,0000,,CA: Well, I have to say thank you.
Dialogue: 0,0:41:55.11,0:41:58.94,Default,,0000,0000,0000,,It's incredibly inspiring, actually,\Nto see your energy
Dialogue: 0,0:41:58.97,0:42:03.16,Default,,0000,0000,0000,,and your determined optimism,\Nlet's call it that.
Dialogue: 0,0:42:03.18,0:42:05.70,Default,,0000,0000,0000,,I think we wish you the very best
Dialogue: 0,0:42:05.72,0:42:10.02,Default,,0000,0000,0000,,as you use your position to help\Nget us out of this mess.
Dialogue: 0,0:42:10.05,0:42:12.98,Default,,0000,0000,0000,,Thank you so much, Kristalina,\Nfor spending time here at TED.
Dialogue: 0,0:42:13.01,0:42:14.16,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:42:14.48,0:42:15.86,Default,,0000,0000,0000,,WPR: Thank you, Kristalina.