Global Future Council on Financial and Monetary Systems
In this publication, members of the Global Future Council on Financial and Monetary Systems highlight how the financial system has rapidly adapted to the crisis.
When the members of the World Economic Forum Global Future Council on Financial and Monetary Systems gathered for the Annual Meeting of the Global Future Councils 2019 in Dubai in November, they explored various drivers of the transformation of financial and monetary systems, including innovations in green finance and the payments and currency space. They also conducted an exercise to identify risks to the global financial system that at the time were not necessarily on the radars of decision- makers. Nobody in the group thought of the risk of a global pandemic that would severely disrupt economies, the way we work and, as a result, the functioning of financial and monetary systems.
Ten months later, the members have all undergone crash courses in epidemiology, work-from-home technologies and the management of remote teams. We have led our institutions through a rapid transformation process that few of us, if any, were prepared for. And while we focused on keeping our institutions running and our people employed and motivated, we also responded to the rapidly changing needs of our customers and stakeholders. Businesses, small and large, needed almost instant liquidity, individuals embraced digital and contactless offerings at unprecedented rates, and governments were looking to disperse enormous aid packages to businesses and individuals alike. Read more ebook…..
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