Central banks must mobilise their FX reserves

Pandemic and climate crises call for bold action, write Gary Smith and John Nugée

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As we leave 2020 with relief, and move forward into 2021, the world faces two unprecedented crises simultaneously. Firstly the need to rebuild public sector finances, after they have suffered the biggest ever hit in peacetime in the wake of the Covid pandemic. And secondly, the need to tackle climate change, accelerate the switch to renewable energy sources and transition the world economy onto a more sustainable path. 

The scale of these twin challenges is so enormous and so urgent that it

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