ECB chief makes stern warning on COVID-19 impact

11th March 2020 

Christine Lagarde warns of serious economic problems if urgent action to combat coronavirus is not taken.

The President of the European Central Bank Christine Lagarde told EU leaders Europe could experience huge economic problems, similar to the 2008 crisis, unless urgent action is taken as the COVID-19 virus spreads.

In a statement, the ECB said the coronavirus outbreak was a fast-developing situation creating risks for the economic outlook and the functioning of financial markets.

The ECB is closely monitoring developments and their implications for the economy, medium-term inflation and the transmission of its monetary policy. “We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks,” it said.

The Bank of England has cut interest rates in its first emergency move since the financial crisis. It also unveiled measures to help keep credit flowing and warned that the COVID-19 outbreak will impact growth.

In Italy, the authorities plan to launch measures aimed at offering breaks from debt payments, including mortgages. Deputy Finance Minister Laura Castelli said the aim was to inject money into companies and ease family debt burdens.

27th March 2020

This follows yesterday’s news of Prince Charles testing positive.

26th March 2020

It now has over 69,000 confirmed cases of the COVID-19 virus.

21st March 2020

Locally, many have shared the news item and called for a similar move to be introduced

12th March 2020

Trading was suspended on Wall Street for the second time this week as shares plunged 7%