‘All hands should be on deck’ – key quotes from leaders on the fight against COVID-19

paramount

(Credit: Unsplash)

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Christopher Alessi, Digital Editor, World Economic Forum


As the world wrestles with the unprecedented implications of the COVID-19 coronavirus pandemic, “we are facing a human crisis unlike any we have experienced” and our “social fabric and cohesion is under stress.”

That was the assessment of UN Deputy-Secretary-General Amina J. Mohammed during a digital meeting of the Forum’s COVID Action Platform on 8 April.

Launched last month, the platform aims to convene the business community for collective action to protect people’s livelihoods, facilitate business continuity and mobilize support for the global response to the virus. To date, more than 1,300 companies, organizations and individuals have joined the platform.

In addition to Deputy-Secretary-General Mohammed, participants on this week’s digital meeting included Christine Lagarde, President of the European Central Bank and Member of the Forum’s Board of Trustees; Jeremy Farrar, Director of the Wellcome Trust; Brian Moynihan, CEO of Bank of America and Chair of the World Economic Forum’s International Business Council; and André Hoffmann, Vice Chairman of Roche and Member of the Forum’s Board of Trustees.

Here are some of the key quotes from the call:

On the economic impact of the crisis:

“We have moved to a recession that will be worse than the one we experienced in 2008,” said Mohammed.

“Given the nature of the crisis, all hands should be on deck, all available tools should be used,” said Lagarde. “We are providing support, as attractively as we can, so that from the household to the large big corporate account, all economic players can access financing through their banks,” she added.

Moynihan noted: As a result of central bank actions across the globe, markets have been “flooded with liquidity that has been able to stabilize markets to a certain degree across the board.”

coronavirus impact interest rates
Image: World Economic Forum

What is the World Economic Forum doing about the coronavirus outbreak?

A new strain of Coronavirus, COVID 19, is spreading around the world, causing deaths and major disruption to the global economy.

Responding to this crisis requires global cooperation among governments, international organizations and the business community, which is at the centre of the World Economic Forum’s mission as the International Organization for Public-Private Cooperation.

The Forum has created the COVID Action Platform, a global platform to convene the business community for collective action, protect people’s livelihoods and facilitate business continuity, and mobilize support for the COVID-19 response. The platform is created with the support of the World Health Organization and is open to all businesses and industry groups, as well as other stakeholders, aiming to integrate and inform joint action.

As an organization, the Forum has a track record of supporting efforts to contain epidemics. In 2017, at our Annual Meeting, the Coalition for Epidemic Preparedness Innovations (CEPI) was launched – bringing together experts from government, business, health, academia and civil society to accelerate the development of vaccines. CEPI is currently supporting the race to develop a vaccine against this strand of the coronavirus.

On the role of business:

“The number one thing is to focus on is employees and customers,” Moynihan said on how companies should set priorities and manage the ongoing crisis. When it comes to taking care of employees, he added, the goals should be: “keep them well, keep them employed and keep them mentally healthy.”

Moynihan also encouraged businesses of all sizes to adopt the Stakeholder Principles endorsed by the World Economic Forum and businesses on 1 April: to keep employees safe; to secure shared business continuity with suppliers and customers; to ensure fair prices for essential supplies for end consumers; to offer full support to governments and society; to maintain the long-term viability of companies for shareholders; and to continue sustainability efforts, including to fight climate change.

Mohammed, meanwhile, said companies should focus on “scaling up production, making sure supply chains are alive and reliable,” retaining workforce and and engaging young people.

 

On the need to find a vaccine:

“This infection is not going to disappear…without science leading us to vaccines, we will get second and third waves of this,” said Farrar on the long-term destructive damage the coronavirus could wreak on the globe.

“Unless we do produce drugs and vaccines we are not going to have an exit strategy,” he added.

Similarly, Hoffmann said: “There is no solution to this crisis without a properly functioning vaccine.”

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Syria’s groundbreaking constitutional talks: ‘a clear success of mediation’ says Guterres in Turkey

10 million Yemenis ‘one step away from famine’, UN food relief agency calls for ‘unhindered access’ to frontline regions

“911, What’s your emergency?”

Nearly a third of the globe is now on Facebook – chart of the day

Climate change is forcing 20 million people a year from their homes, Oxfam says

4 ways Africa can prepare its youth for the digital economy

Germany objects to EU Commission’s plan for a Eurozone bank deposits insurance scheme but Berlin could go along

Alcohol abuse kills three million people a year, most of them men – WHO report

2013, a Political Odyssey: What future for Italy?

This is why mental health should be a political priority

Commission welcomes European Parliament adoption of EU4Health programme

Commission welcomes agreement on the modernisation of EU export controls

7 ways to break the fast fashion habit – and save the planet

ECB again to subsidize euro area banks with more than one trillion euro

Thomas Cook bankruptcy: Better consumer and employee protection needed

MWC 2016 LIVE: Ingenu steps up efforts to build LPWA networks across the globe

Greener tourism: Greater collaboration needed to tackle rising emissions

How digital entrepreneurs will help shape the world after the COVID-19 pandemic

MEPs back plans to promote water reuse for agricultural irrigation

The ECB proposes a swift solution for SMEs’ financing

Working fewer hours makes you more efficient. Here’s the proof

COVID-19: A coordinated EU health strategy needed, say MEPs

‘BioSolar Leaves’ are better at cleaning the air than trees, say the technology’s developers

EU leaders agree to delay Brexit until 31 October

Yemen war ‘a test of our humanity’, and we’re ‘badly failing’ warns UN Children’s Fund chief

German Presidency outlines priorities to EP committees

The refugee crisis seen through the eyes of a young doctor from Turkey

EU, Latin America and the Caribbean: Partnering for prosperity, democracy, resilience and global governance

Collective action to enable sustainable growth will be critical to end tropical deforestation

Adoption of new rules to better protect children caught in cross-border parental disputes

Arrest of three Libyans wanted for grave crimes ‘would send strong and necessary message’ to victims, urges top Prosecutor

State aid: Commission approves around €36 million Romanian rescue aid to state-owned flag carrier TAROM

COVID-19: from the chaos of the pandemic to the difficulties in vaccination

Ecofin: ‘The Friday battle’ for the banking union

Haiti cholera outbreak ‘stopped in its tracks’

The UK option: An overarching alternative for the whole Brexit options

Security Council gravely concerned by Ebola outbreak in DR Congo, demands immediate end to violence hampering response

Here’s how to achieve growth in the Middle East and North Africa

Civil society groups matter for Cambodia’s sustainable development: UN expert

European Institute of Innovation and Technology: Commission welcomes political agreement on strategy for 2021-2027

The von der Leyen Commission: for a Union that strives for more

Number of MEPs to be reduced after EU elections in 2019

The challenge of palliative care in universal health coverage

The world needs carbon-neutral flying. Here’s how to bring it one step closer

Facts, not fear, will stop COVID-19 – so how should we talk about it?

Concorde is a reminder that the only way for innovation is up

Parlamentarians to “break up” with reality in the Google antitrust case

Implementation of tax transparency initiative delivering concrete and impressive results

The world has made spectacular progress in every measure of well-being. So why does almost no one know about it?

EU guidance on the handling of visa applications from residents of Ukraine’s Donetsk and Luhansk regions

MEPs to prioritise environment and climate action in next long-term budget

GDP growth slows in most G20 economies in third quarter of 2019

This is why retail is such a sore point in India-US trade relations

Khashoggi murder trials must public and meet international standards, UN expert urges

UN chief seeking ‘renewed commitment’ to global rules and values, as world leaders head to New York

Agriculture and Fisheries Council

A reality check on inclusive innovation

Austerity lovers to put a break on Renzi’s growth vision for Europe? the Sting reports live from World Economic Forum 2015 in Davos

This man is turning cities into giant sponges to save lives

4 key trends on how COVID has impacted women in business

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s