Here are the key bankers who could salvage the global economy from the coronavirus pandemic
In the history of global economic crises, the job of building confidence in currencies, financial institutions and markets has almost always fallen upon the shoulders of central bankers. At times they have made wrong decisions, which have dried up credit, shut factories and left millions of people jobless.
But once again central bankers have come to play an important role in ensuring that money continues to exchange hands, minimising panic.Jerome Powell, the head of the US Federal Reserve, has been at the receiving end of US President Donald Trump’s criticism for months. Just days ago, on March 14, Trump threatened to remove him if he didn’t move more aggressively on cutting the interest rate to counter the impact of the coronavirus pandemic.
As a result, they had given the Fed powers to lend to businesses and municipalities. There’s already talk about it taking an unprecedented step into the equity market to buy stocks and it is already buying investment grade corporate bonds. , the Wall Street Journal wrote that he, along with Treasury Secretary Steven Mnuchin, have offered “no diagnosis for the economic problem and their prescriptions aren’t clear”.
In her March 12 remarks during a press conference where she announced monetary measures to counter the pandemic, Lagarde, the president of the European Central Bank , was asked if the spreads between the yield on different government bonds should be narrowed. As a result, the European Union has introduced a set of incentives including tax relief, loan guarantees and wage support. For its part, Germany has introduced a $550 billion corporate loan package.
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