In collaboration with Foundation for Subsidiarity
Domenico Fanizza, Executive Director for Italy, Portugal, Greece, Malta, Albania, and San Marino at the International Monetary Fund; Eduard Heger, Prime Minister of the Slovak Republic; Corrado Passera, Founder and CEO of Illimity Bank; Rajan Raghuram, Katherine Dusak Miller Distinguished Service Professor of the University of Chicago Booth School of Business. Introduced by Samuele Rosa, Senior Economist at the International Monetary Fund (IMF).

The challenges raised by the COVID crisis have made the criticalities of the global economy more evident. In line with a recent World Bank report, COVID-19 has led to a massive growth collapse as economies around the world have imposed severe containment measures in order to keep the spread of the virus under control. These supply and demand shocks have spilled across borders, hampering trade and reducing economic activity globally. The challenge is not limited to developing countries. Poverty and inequalities will potentially increase all across Europe, undermining social cohesion between countries. The three words in the title illustrate different moments of a possible recovery. First, what role can finance play in supporting an inclusive economic recovery. Secondly, how can territories become a source of value creation for sustainable growth, within a subsidiary-based approach. Finally, with regard to the efforts deplyed by  European countries to define recovery pathways, how can the need for debt sustainability be combined with the need of laying the foundations of development aimed at the common good and intergenerational equity?