
Time for a European Climate and Sustainable Development Bank
International development cooperation risks being deeply affected by the global COVID-19 pandemic, with potentially disastrous consequences among fragile states.

International development cooperation risks being deeply affected by the global COVID-19 pandemic, with potentially disastrous consequences among fragile states.
Over the past few weeks, the EU has been mobilising its full firepower – including health coordination, economic measures and market regulation – to address the COVID-19 crisis within its borders. Yet, in facing a global pandemic that knows no borders, it is in Europe’s interest to mount an effective global response at scale.
As the Coronavirus pandemic expands, and peak contagion remains uncertain, policy responses are gradually emerging, being implemented in a number of domains.
The crisis has several important implications, but two are currently dominating the headlines: individual health and the sustainability of national healthcare systems, and the economic fallout from the pandemic.

The crisis linked to the CoVid-19 epidemic now plunges all societies in the world into a state of exception and a strange war made of both a sanitary emergency and a suspended time, for an indefinite period. Each individual and each organisation is now making arrangements until further notice, with the shared feeling of a long period of uncertainty and deep questioning about the very foundations of our societies, our economies, and our ways of living together: our view of the world will necessarily be profoundly modified.
The COVID-19 pandemic will negatively affect the defence field from a budgetary, industrial and politico-strategic point of view, particularly in Europe. Depending on the pandemic’s duration, its economic consequences and national and EU responses, effects may range from contained damages to a much wider European security crisis.

COVID19, the disease caused by the new coronavirus that has rapidly turned into a pandemic, could be the proverbial straw that breaks the camel’s back. The international liberal order, as well as the European Union within it, has been in trouble for years now. The EU has been shaken by the successive Eurozone and migration crises, while its surrounding regions were spiralling into conflict and outright collapse. COVID19 could be the final nail in the coffin of a rules-based international order and the European project within it. But it could also give birth to a new phoenix rising from its ashes. Much will depend on how Europe, both internally and internationally, will confront this epochal crisis.