On May 12 William White was interviewed by Brent Johnson of Santiago Capital on Real Vision. White spoke about the limitations of both monetary and fiscal policies going forward, and the need for countries to improve the capacity of the institutional framework to cope with a potentially sharp  increase in debt restructurings. In the wide ranging conversation, attention was also drawn to increasing constraints on central bank “independence” and some inherent flaws in the International Monetary (Non) System.

https://rvtv.io/365xDbl

On 9 April 2020 William White participated in a webinar panel organized by OMFIF and chaired by their chief economist, Danae Kyriakopoulou. The other panelists were David Marsh and Mark Sobel. In his comments, White commended national governments and central banks for their speedy response to the crisis, but also noted the almost total absence of a coordinated G20 response. He was also concerned that forecasts of a speedy rebound would prove too optimistic, and that there seemed to be no internationally agreed criteria for deciding when social distancing, with its heavy economic and social costs, might be lifted.

http://www.omfif.org/events/covid-19-consequences-economic-impact-and-g20-response/

Christof  Leisinger of the Neue Zurcher Zeitung interviewed William White, and the results were published in German on 1 April 2020 (a translation follows). Mr White welcomed the swift easing of fiscal and monetary policy to support the economy, in the face of the epidemic, but cautioned that measures should be targeted in order to increase effectiveness and reduce moral hazard. He also stressed that, pre-crisis, the global economy was already exposed to a prospective deep downturn because of the buildup of debt and various financial imbalances.  Since the policies being followed at the moment are essentially “more of the same”, thought must be given to more sustainable policies in the future. Reforms to the International Monetary (Non) System should rise further up the policy agenda.