Policy response to Covid-19 and chance for recovery
Speaker: Vítor Constâncio, Former Vice-President, European Central Bank
Covid-19 is set to impact the global economy in at least two waves. The first is the initial shock, which has prompted a strong fiscal policy response. Central banks have also stepped in; the Federal Reserve has cut rates and the European Central Bank has expanded its bond buying programme. A second wave is likely to follow, and will determine whether the upset will give way to a global recession like that following the 2008 financial crash. Vítor Constâncio, former European Central Bank vice-president, outlines how the origins of this crisis differ from the events of 2008 and discusses the current and future policy responses needed for recovery.
A transcript of the meeting is available here.