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This is the edited transcript of our interview with Paul Romer, on why the US urgently to scale up testing for Covid-19, why he thinks the covid-crisis amounts an intellectual failure, why this economic crisis is not as bad the Great Depression, what economics can do more, and what economists can learn from the crisis.
In an exclusive interview with EconReporter on Tuesday, Romer, co-recipient of the 2018 Nobel Prize in Economics Science, urged the US to adopt large-scale testing immediately to halt this most detrimental economic slump ever since the Great Depression in the 1930s.
The G7 finance ministers and central bankers held a call to discuss the coronavirus, but the statement doesn't provide any surprise to investors.
Luis de Guindos, vice president of the European Central Bank, depicted the coronavirus as an additional " layer of uncertainty to global and euro area growth prospects,"