BUILDING A STRONG ECONOMIC GOVERNANCE FRAMEWORK FOR THE CHALLENGES AHEAD

The policy responses to the COVID-19 crisis and the Russian invasion of Ukraine seems not to be enough to fight against macroeconomic imbalances, and further action should be taken to avoid an upcoming recession. The sharp rise in inflation under the pressure of energy, food and other commodity prices is hitting a global economy. Reforms have generally been made in reaction to weaknesses in the framework that nations have been exposed mostly in moments of economic crisis.