And it is fundamentally changing societies, economies, and countries. Today we are here to understand the true impact, which is particularly devastating to developing countries and the most vulnerable communities women, youth, the elderly, and migrants. Most importantly, we are here to find innovative solutions. This the focus of the World Bank Annual meeting, which takes place starting the week of october 12 and convenience Global Leaders from governments, as mrs. , and civil society. Businesses, and civil societies. We will hear from the World Bank President on what it will take to tackle the crisis, and how we can turn this into an opportunity to build a path towards a resilient and inclusive recovery. He will be joined in the president ith of the Stanford School of finance and management. President ar from the of the bank joining us from his office. He has been president of the german centralbank since may 2011. He is a member of the governing council of the ecb, represents germany
Most importantly, we are here to find innovative solutions. This the focus of the World Bank Annual meeting, which takes place starting the week of october 12 and convenience Global Leaders from governments, businesses, and civil societies. We will hear from the World Bank President on what it will take to tackle the crisis, and how we can turn this into an opportunity to build a path towards a resilient and inclusive recovery. He will be joined in conversation with the president of the Stanford School of finance and management. We will hear from the president of the bank joining us from his office. He has been president of the german centralbank since may 2011. He is a member of the governing council of the ecb, represents germany at the imf and under international parties, and has been chairman of the board of directors of the fund for International Settlement since november 2015. Welcome. The virtual floor is yours. Thank you very much, asiya, for your kind words of welcome. It is a
Economic recovery from covid19. Help developing nations recover from the economic fallout, and the longterm effects of children not attending inperson classes. This is an hour. Nd an alumna. Ceo a i have the pleasure of being your moderator today and joining you from my home country of trinidad and tobago. Before i introduce our speakers, a few words about todays of. Covid19 has overtaken the world. It has affected everything person in some way. And it is fundamentally changing societies, economies, and countries. Today we are here to understand the true impact, which is particularly devastating to developing countries and the most vulnerable communities women, youth, the elderly, and migrants. Most importantly, we are here to find innovative solutions. This the focus of the World Bank Annual meeting, which takes place starting the week of october 12 and convenience Global Leaders from governments, as mrs. , and civil society. Businesses, and civil societies. We will hear from the Worl
When the time comes, after the crisis has passed, we will put these emergency tools back in the tool box. I would stress that these are lending powers, not spending powers. I will also note that we design our facilities to work for broad ranges of businesses and municipalities. We do not target particular firms or industries. Elected officials make decisions about where to direct such target relief. The cares act and other legislation provide direct help to people, businesses, and communities. This direct support is making a critical difference. Not just in helping families and businesses, but also in limiting long lasting damage to our economy. Public faith in our operations depends on transparency. If the fed were committed to that, particularly in deploying our emergency powers. Thank you. I look forward to our questions. Thank you very much, chairman powell. I now recognize myself for five minutes for questions. As i mentioned in my opening, the pandemic is strengthening and so, to
A bipartisan letter urging for delay in implementation. Every entity both banks and nonbanks which were not included in the cares act on the same footing can conduct the study with real life se narp owe that we had going today. Given the actions by congress, should we delay as i and my colleagues have called for and should the treasury examine the real life scenario we have gone through when kwuki inconducted study. I think that should be considered we are working on the study. The president issued an executive order with regards to each agenc looking at the rules, regulations that were waived, declined or whatever if they dont work now, why should we continue them down the road when we get out of this mess i assume everybody is doing that this accounting principle would fall in that area of we need to be looking at this as something down the road. I would agree thank you appreciate that. Theres a time and place for rules and regulations and a time and place that are nonfunctioning whe