Politicians and central bank governors have reacted en masse in an
effort to prop up their economies in the face of the coronavirus. On
March 11, Iceland became the latest state to take such contingency
measures, after the country’s central bank cut interest rates by 50 basis points to 2.25 percent.
Mirroring the move, the Bank of England announced an emergency rate
cut from 0.75 percent to 0.25 percent on the same day, just over a week after the US Federal Reserve
revealed similar measures of its own. However, while the cuts have
proved effective in bolstering stock markets, they will struggle to
solve many of the other challenges associated with the virus’ spread,
including supply chain disruption and sharp falls in consumer spending.
“The European Central Bank is due to report tomorrow and we’re
expecting a reduced rate also, but it’s a mistake for central banks to
use the coronavirus as an excuse to lower interest rates,” Celine
Hartmanshenn, Global Head of Risk at Stenn International, said in a statement.
“It would be more effective for governments to introduce temporary
tax breaks, new loan programmes, or other financing to companies hurt by
the virus. This is all about raising stock prices and lowering
borrowing costs. The measures put forward by the world’s bankers can’t
keep workers from getting sick or factories from closing.”
Around the world, however, some governments have imposed additional
economic measures to mitigate the impact of COVID-19. In Italy, for
example, mortgage payments have been suspended and Prime Minister Giuseppe Conte has committed to a €10bn ($11.3bn) fiscal stimulus package.
As well as potentially causing recessions in any number of affected
markets, the coronavirus could ultimately cost the global economy as
much as $2.7trn,
according to some estimates. Governments are swiftly moving on from
policies of containment to ones of mitigation. Measures to assuage
damage to public health will, of course, be important, but increasingly
finance ministers are scratching their heads as they attempt to limit
the disease’s economic impact as well.
- Worldfinance
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