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Coronavirus and policymaking: Doing ‘whatever it takes’

first_img Show Comments ▼ Joumanna Bercetche Opinion Policymakers have said they will do “whatever it takes” to fight the coronavirus (AFP via Getty Images) “Everything we have written about in the last five years is now happening at the same bloody time,” Dario Perkins, macro analyst at TS Lombard, tweeted in disbelief.  whatsapp The stakes this time around are much higher. People’s lives and livelihoods are at risk. The ILO last week estimated that up to 25m jobs could be lost globally as a result of the coronavirus outbreak, not to count the number of businesses that will go under without a lifeline in the form of guarantees, interest-free loans or tax relief.  Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndobonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinitionUndoGloriousaDrone Captures What No One Was Supposed to SeeGloriousaUndoNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndo Financial markets, central banks and policymakers have been working as if on fast-forward mode the last couple of weeks. As new Bank of England governor Andrew Bailey told the press last week after another round of surprise monetary easing: the Bank of England has only ever made four inter-meeting policy decisions — two of them in the last week alone.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. The world will eventually get through this pandemic, but now is the time that we need to be able to trust policymakers to, well, I’m going to say it again, do whatever it takes to minimise the human and economic loss. We have to believe that their actions will be enough. More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp The second part of this statement is just as important as the first. Why? Because markets really did believe him. They believed the ECB would be true to its word and would step in to intervene and avoid fragmentation in the market. So it worked.  Governments have also started coming out with sizeable Covid-19 response packages. This has prompted analysts and market watchers around the world to comment that policymakers do seem intent on doing “whatever it takes” — three words epitomised by the former European Central Bank (ECB) president Mario Draghi at the peak of the 2012 sovereign debt crisis.  Share The key pillar here was trust.  Policymakers have said they will do “whatever it takes” to fight the coronavirus (AFP via Getty Images) Also Read: Coronavirus and policymaking: Mario Draghi didn’t just say ‘whatever it takes’ Tuesday 24 March 2020 12:01 am Globally, central banks have been furiously cutting rates to record lows, expanding balance sheets and swap lines, and offering more generous funding terms to banks.  Those three words have become an adjective ascribed to most of the initiatives that have been presented in the last fortnight. Even Germany has abolished its iron-clad dedication to a “schwarze Null” — or balanced — budget and has unleashed a massive stimulus plan which will see its deficit rise to almost five per cent of gross domestic product, according to Unicredit. That’s Germany doing “whatever it takes”.  Joumanna Bercetche is anchor of the European edition of CNBC’s Street Signs. Market participants should remember, though, that Draghi didn’t just utter the phrase. In fact, what he said was: “within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”  The coronavirus pandemic of 2020 is a black swan that no one saw coming (though we should have been better equipped) and has unleashed a health crisis the world has not seen in a hundred years, as well as a labour crisis, an economic crisis, a credit crisis, and a liquidity crisis.  These are unprecedented times. Our lives as we know them have been upended: the comforts of routine squarely thrown out of the window and replaced with a combination of anxiety and dread. Coronavirus and policymaking: Mario Draghi didn’t just say ‘whatever it takes’ Policymakers have said they will do “whatever it takes” to fight the coronavirus (AFP via Getty Images) Also Read: Coronavirus and policymaking: Mario Draghi didn’t just say ‘whatever it takes’ Tags: Bank of England Coronavirus Mario Draghilast_img read more