Abstract
Monetary and fiscal policies in the leading advanced economies have responded to the crisis in 2020, caused by the spread of the COVID19 pandemic, with unprecedented measures to support the economy, both in scale and composition. For example, central banks have gone beyond their mandates to provide direct support to a wide range of economic agents. In the short term, such policies have played an important positive role in supporting global economic growth. However, in the nearest future it can lead to a number of serious negative spillovers including enhanced debt problems, rising inflation, negative external consequences for emerging markets and developing countries due to changes in cross-border capital flows and price dynamics in world commodities markets. It is proposed in the future to include issues of coordination of economic policy in the agenda of global reform within the framework of the Group of 20.
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