While the advanced economies can rely on their central banks to support massive fiscal stimulus in response to the COVID-19 crisis, many developing countries’ hands are tied by higher borrowing costs. This is both unfair and unsustainable, pointing to the need for a new, truly global monetary mechanism.
https://www.project-syndicate.org/commentary/sdrs-to-buy-up-distressed-sovereign-debt-by-harold-james-2020-12
