Lagarde Calls for Coordinated Fiscal Response Amid `Major Shock' of Virus

The COVID-19 pandemic has significantly impacted the global and euro area economies, causing market volatility and disrupting supply chains. This has led to reduced production and demand, both domestically and internationally. The uncertainty has also affected expenditure plans and financing. Governments and policy institutions are urged to take timely actions to address these challenges. A coordinated fiscal policy response is essential to support businesses and workers at risk, with the Governing Council backing joint efforts by euro area governments and European institutions.

What major economic impact has the spread of coronavirus Kovid Dash 19 had on the global economy?

How has the coronavirus affected production and demand in the economy?

What actions are governments and policy institutions called upon to take in response to the coronavirus?

What type of fiscal policy response is required to support businesses and workers at risk?

What is the role of the Governing Council in response to the repercussions of the coronavirus?