draghi : first of all i hope that by then the recovery will be on its way. there is a risk but i think fears are exaggerated. banks have done a lot already in raising capital. we should reach a globally accepted definition of capital. the basel committee and the fsb are working so that the timing chosen for the implementation of the new rules do not prejudge economic recovery. handelsblatt : are you confident that we will have a globally coordinated regulation? lately we have seen a lot of tension between the eu and the us. mr draghi : i think those tensions are being exaggerated. many of the proposals now being publicly discussed, like the “ volcker rule ” or a tax on banks in the us and the uk, have already been discussed by the fsb. handelsblatt : you have been criticised for having worked at goldman sachs, the us investment bank accused of having been involved in dubious transactions with greece. what can you tell us about it? mr draghi : when i left the italian treasury, in 2001, we had no rules in italy forbidding to take a position in an investment bank. nevertheless, i went to harvard and taught for six months there. then i entered goldman sachs. since the beginning i made it clear that having worked 10 years with governments and government officials, it would be very embarrassing to ask them to do business with goldman. i therefore insisted to develop my own clients in the private sector. and that ’ s what happened. i did that for about 3 – 4 years. handelsblatt : any country among your clients? mr draghi : no, i have never made any transaction with any government. the reason is simple : i was too busy doing corporate investment banking with private clients. handelsblatt : have you ever been to greece? mr draghi : i have never been to greece for working reasons. those transactions were done before my arrival at goldman sachs. there have been further transactions with greece but i have never been involved. i would also like to point out that i was not deputy ceo, because that position does not exist at goldman sachs. handelsblatt : when you think now about goldman sachs and greece, do you think it was a good idea for goldman to help greece mask its budget? mr draghi : that ’ s where the difference lies, the difference in purposes. one is debt management, the other one is debt concealment. that concealment is a very bad thing

year we were not prepared. a broad - based global effort to improve prevention, surveillance, preparedness is of the utmost importance, in a ‘ health for all ’ perspective. fan, j., d. jamison and l. summers ( 2018 ) ‘ pandemic risk : how large are the expected losses? ’ bulletin of the world health organization, 96 : 129 - 134. while massive efforts are under way in a strict health policy sense – in developing and distributing vaccines, testing capacity and treatments, strengthening disease surveillance networks and global protocols for health emergencies – a deficiency in funding has emerged. the current architecture does not allow a timely mobilization of resources to respond to pandemics and support global preparedness. achieving this goal cannot be the responsibility of one country in isolation or of a single institution alone as health is cross cutting and multi - sectoral in nature and is at the centre of economic resilience. approving the proposal of the italian presidency, in the first g20 finance and central bank deputies meeting of january 25th - 26th, the g20 members agreed to establish a high level independent panel ( hlip ) on financing the global commons for pandemic preparedness and response. the panel will leverage the who ’ s assessment of gaps in pandemic preparedness and the ongoing international initiatives to enhance it. it will interact with the main relevant global health actors and will identify the specific gaps in the financing system and propose solutions to meet them on a systematic basis. it will consider how to optimally leverage resources from the public, private and philanthropic sectors and international financial institutions. the panel ensures broad regional and gender balance, and comprises eminent individuals. its conclusions are supposed to be an input for the joint g20 meeting of finance and health ministers scheduled for next october. 9. providing access to affordable and useful financial products – transactions, payments, savings, credit and insurance – is key to support development and growth. if accompanied by financial literacy, it allows individuals and companies to generate income, to manage volatile cash flow, to plan investments and to strengthen resilience to income fluctuations and shocks. the g20 has been very active in promoting the goal of ‘ not leaving anyone behind ’ in the access to finance, in particular through the global partnership for financial inclusion ( gpfi ). in 2021 the gpfi, of which italy is one of the newly appointed co - chairs, will focus on digital financial inclusion of both individuals and micro, small and medium - sized enterprises ( msmes