|
 The comments by Mario Monti come before a global health summit on
Friday in Rome at which leaders of the Group of 20 largest economies
will discuss the coronavirus emergency and how to prevent major
health crises in future.
"A pandemic like this one poses huge threats not just to financial
stability but to the whole economic and financial system," Monti
told Reuters.
The former Italian prime minister chairs the WHO's Pan-European
Commission on Health and Sustainable Development, set up last
September by the world health body's chief for Europe, Hans Kluge.
It has recommended the G20 establish a Global Health Board which
would work to prevent future pandemics by identifying risks, setting
global benchmarks for preparedness and promoting investment in
health infrastructure.
A report by the panel cited estimates that more than $10 trillion
has been lost globally because of the COVID-19 pandemic and
lockdowns to control its spread that have closed businesses and
confined people to their homes.
"Every effort to integrate beforehand health and finance will
largely pay itself," Monti said in an interview.
The health board would be modelled after the Financial Stability
Board, which was created after the 2008 financial crisis and helped
steer global regulation to reduce financial and banking risks, Monti
said.
It would aim to reverse a trend that has seen many wealthy nations
cut spending on healthcare following the 2008 crisis.
[to top of second column] |
 To persuade countries to spend
more, health threats could be translated into
financial risks, as they have been in climate
policy, Monti said. Nations that under-invest
could then face the risk of having their credit
ratings cut.
"Credit rating agencies could take health
preparedness into account in their assessments,"
the panel, whose members include Sylvie Goulard,
deputy governor of the French central bank, said
in its March report.
Monti said richer nations could be hit with the
"stick of the credit rating" if they underspend
on health, while poorer countries might
initially be helped to spend more with
development aid.
He said it was too early to estimate the size of
investment that could qualify as sufficient,
noting that each country would have tailored
targets.
(This story changes description of G20 economies
to largest from richest in second paragraph)
(Reporting by Francesco Guarascio @fraguarascio;
Editing by Catherine Evans)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content
 |
