Global Head, Citi Private Bank
August 28, 2020Posted InCiti
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Effective leadership will be vital to the large-scale regeneration we need after the pandemic.
In times of crisis, effective leadership is more vital than ever. The COVID-19 pandemic has been no exception. The nations that have coped best with the virus are generally those whose leaders have responded with clarity of vision, intelligent strategies, and excellent communication. While these qualities are not always readily measurable, the results they produce typically are.
Among the leadership successes during the pandemic to date have been those of central bankers. Their rapid and decisive stimulus efforts have kept markets functioning smoothly and have averted an even deeper economic downturn. Federal Reserve Chair Jay Powell demonstrated further monetary statesmanship at this week’s Jackson Hole symposium. The Fed’s newfound willingness to modestly overshoot its inflation target underlines its determination to support the regeneration of growth and get America back to work.
That said, governments and central banks cannot lead the great regeneration alone. However strong the commitment, there is only so much that the state can do. The private sector and the voluntary sector must also provide regenerative leadership. Entrepreneurs and philanthropists, for example, can help seek lasting change that extends well beyond their own organizations. They can do so by way of their innovations, their investment, their advocacy, and their strategic coordination.
In all of this, ongoing education is key. This week’s virtual client seminar with renowned psychologist Dr Martyn Newman emphasized how learning reinforces leadership. Martyn explained various personal development techniques for entrepreneurs and corporate executives faced with stressful situations. In next week’s session, he will be exploring the critical emotional intelligence skills that the next generation of leaders need to develop as they prepare for their responsibilities. I warmly invite clients to join us for what promises to be another fascinating discussion.
Of course, the great regeneration can only begin in earnest once we have overcome the current crisis. And there is still much to be done to bridge the gap from here to better times. David Bailin and Joe Fiorica consider the task at hand in their latest report and webcast. They also set out how you might position your portfolio for the opportunities we see, as well as for potential volatility in the months ahead.
As we continue to contemplate a brighter future after the pandemic, I would like to leave you with a short piece of music that perfectly embodies the spirit of optimism and regeneration. Maurice Ravel was a master of forming ideal worlds through music, viewing life with fresh eyes and using his visions to create beauty and meaning. This movement from his Mother Goose Suite: “Conversations of Beauty and the Beast” is brought to you in partnership with the world-class Philharmonia Orchestra. As the week draws to a close, I hope it adds a moment of lightness and joy to your day.