Whatever it takes.
These were the words uttered by European Central Bank (ECB) President Mario Draghi in his historic speech on July 26, 2012.
“Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough,” Draghi said as he addressed investors at the Global Investment Conference hosted by the British Business Embassy.
Several years later, bond yields for the then-troubled markets of Spain and Italy dropped and the value of the euro stabilized versus other currencies. The euro, which Draghi referred to as “irreversible,” was preserved as the ECB committed it would do.
Today, the world faces a much more pivotal “whatever it takes” moment – against a nanoscopic foe that has wreaked havoc on markets, crippled economies, and brought the world to a standstill.
It is reasonable to think that we are only beginning to see the catastrophic effects of COVID-19 and the measures meant to control its spread. The global death toll stands at over 200,000. Over 25 million have lost their jobs as a result of social distancing measures. Health care systems across the world are already overwhelmed while confirmed cases continue to grow at an exponential rate.
The novel coronavirus, the carrier of the infectious COVID-19, has caused unprecedented levels of damage and disruption – and will likely continue to do so in the coming months.
However, there is prospect for solace, as improbable as it may sound. The prospect comes in knowing that the world has not been watching idly as the virus ravages; on the contrary, it has been fighting – doing whatever it takes.
On March 17, Federal Reserve Chair Jerome Powell unleashed a barrage of policy decisions by the US central bank meant to limit the damage of the pandemic. The Fed went ahead and cut interest rates to near 0% and pledged to maintain liquidity in the system via asset purchases.
On March 26, leaders of G20 nations gathered virtually and pledged“to do whatever it takes and to use all available policy tools to minimize the economic and social damage from the pandemic, restore global growth, maintain market stability, and strengthen resilience.”
On April 1, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said that that “we will do everything necessary to avoid a recession in the Philippines.”
Globally, we are seeing scientists make progress toward a vaccine at unprecedented speeds and roll out test kits that are more and more accessible. We have seen national governments commit extraordinary amounts of fiscal stimulus to protect affected individuals, support the health care system, and provide economic relief.
It is worth highlighting that “whatever it takes” is not just a tenet exclusive for policy-makers. The phrase has arguably become the resounding battle cry of health care workers, civil servants, and other frontliners amid the pandemic, for whom we cannot stress our gratitude enough.
We see “whatever it takes” almost daily – doctors, nurses, and security guards braving hospitals, employees still going to work to maintain the flow of essential goods, individuals going out of their way to provide food for affected communities and protective gear for hospitals.
It is paramount that we, everyday citizens, adopt the same conviction – because at this point, “whatever it takes” is no longer an ideal response, but the necessary and only one we must make. Draghi, in a commentary piece for the Financial Times, says that “faced with unforeseen circumstances, a change of mindset is as necessary in this crisis as it would be in times of war.”
Our mandated actions extend to multiple fronts, whether helping source equipment for health workers, ensuring that those on the frontlines and the fringes have adequate food and resources, or lobbying to representatives for meaningful fiscal stimulus. Each of us must play our roles in doing “whatever it takes” to combat what the United Nations has termed as the “the true fight of our lives.”
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Manila was placed on community quarantine on March 15, and the entire island of Luzon on March 17. The quarantine was supposed to end tomorrow, April 14, Easter Tuesday. And although we will need to wait longer before the quarantine ends, the timing of Easter offers some sobering thoughts. In itself, the entire Paschal narrative revolves around a man doing "whatever it takes" to overcome sin and death. Easter is a celebration of his clear triumph.
Months from now, in the Easter of our quarantine – when we are attempting to rebuild and recover – we will be asking if we did whatever it took to fight the virus and its aftershocks. Our sincerest hope is that our answer will be: ”Yes. And it was enough."
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Jill and Sevi are selling postcard versions of the illustration above as a fundraiser for medical frontliners and vulnerable families. Proceeds from their fundraiser will be used to purchase medical supplies for frontliners in San Lazaro Hospital and food packs for vulnerable families in Barangay Sto. Cristo, Bulacan. To place an order, go here. For inquiries, shoot an e-mail to jillarteche@gmail.com and miguelsevidal@gmail.com.
– Rappler.com
Miguel Sevidal is a research analyst and part-time finance lecturer.
Jill Arteche is a full-time visual artist, illustrator and designer.