Market / Economy / Global Economics & Governance / coronavirus / Donald Trump / European Union / globalisation

Only the coronavirus can convince Trump of the virtues of international cooperation

Posted On: Mar 13, 2020   |   Posted By: Bruegel

Since the coronavirus outbreak has become a pandemic, global risk aversion has spiked driving the king safe asset, US Treasuries to their lowest yield on record while equity markets have tanked globally and high yield credit spreads have widened, reminding us all of the global financial crisis only twelve years ago. The difference is that this time around the shock has not been created by financial imbalances in a particular country, the US, but rather it is exogenous and by now fully global. By now, it seems clear that both negative demand and supply shocks will drag down the global economy towards an unprecedented recession unless immediate -and effective- policy action is taken. The handbook response during the global financial crisis was expansionary monetary and fiscal policy, the combination of which will depend on the available room for each government to conduct one or the other. In fact, for the last two weeks, governments and central banks have scrambled to come up with monetary actions and fiscal...

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