NEW YORK – The COVID-19 coronavirus has forced entire countries into lockdown mode, terrified citizens around the world, and triggered a financial-market meltdown. The pandemic demands a forceful, immediate response. But in managing the crisis, governments also must look to the long term. One prominent policy blueprint with a deep time horizon is the European Commission’s European Green Deal, which offers several ways to support the communities and businesses most at risk from the current crisis.
COVID-19 reflects a broader trend: more planetary crises are coming. If we muddle through each new crisis while maintaining the same economic model that got us here, future shocks will eventually exceed the capacity of governments, financial institutions, and corporate crisis managers to respond. Indeed, the “coronacrisis” has already done so.