The Covid-19 pandemic shows how climate change might affect the global economy, says the deputy general manager of the Bank for International Settlements in a paper published on May 14.

The pandemic has intensified the need for policy-makers to co-operate on building more holistic approaches to identifying and managing global risks, says Luiz Awazu Pereira da Silva.

Governments should explore alternative fiscal approaches for emergencies that avoid wartime-style borrowing, he states.

“Covid