The latest analyses on economic and financial aspects of the COVID-19 pandemic by SUERF members and beyond.
02.04.2020 - BIS Bulletin - Leverage and margin spirals in fixed income markets during the Covid-19 crisis
by Andreas Schrimpf, Hyun Song Shin and Vladyslav Sushko
02.04.2020 - Bloomberg Opinion - Coronabonds Could Save Europe, or Sink It, by Andreas Kluth
02.04.2020 - Liberty Street Economics - The Value of Opacity in a Banking Crisis, by Haelim Anderson and Adam Copeland
01.04.2020 - The Single Resolution Board (SRB) - publishes key bank resolution policy: Expectations for Banks
01.04.2020 - PIIE - After its COVID-19 emergency, Europe should issue joint recovery bonds
by Jacob Funk Kirkegaard
01.04.2020 - IMF blog - Economic Policies for the COVID-19 War
by Giovanni Dell’Ariccia, Paolo Mauro, Antonio Spilimbergo, and Jeromin Zettelmeyer
31.03.2020 - IMF blog - Maintaining Banking System Safety amid the COVID-19 Crisis
by Tobias Adrian and Aditya Narain
30.03.2020 - SAFE - Corona and Financial Stability 3.0: Try equity - risk sharing for companies, large and smal
by A. Boot, E. Carletti, H. Kotz, JP Krahnen, L. Pelizzon, M. Subrahmanyam
30.03.2020 - CEPS Research Paper - Monitoring Covid-19 contagion growth in Europe
by Arianna Agosto, Alexandra Campmas, Paolo Giudici and Andrea Renda
30.03.2020 - BIS speech - Bold steps to pump coronavirus rescue funds down the last mile, by Agustín Carstens
The financial turbulence unleashed by the coronavirus pandemic revives unhappy memories of the 2008 financial crisis. The outward symptoms of falling asset prices and tighter credit conditions are similar, but there are important differences. These differences matter, as the response now needs to go beyond the earlier playbook. read more
30.03.2020 - Council - Covid-19: Measures for the immediate release of funds
The Council today adopted two legislative acts to quickly release funding from the EU budget for tackling the COVID-19 crisis. One of the acts amends the rules of the structural and investment funds, while the other extends the scope of the EU Solidarity Fund. The Coronavirus Response Investment Initiative will give member states access to €37 billion of cohesion money to strengthen healthcare systems, as well as support small and medium-sized enterprises, short-term working schemes, and community-based services.
30.03.2020 - EBF - Joint Finance Sector Social Partners Statement on Covid-19
The European social partners in the financial services sector – UNI Europa Finance, the Banking Committee for European Social Affairs of the European Banking Federation (EBF BCESA), the European Savings and Retail Banking Group (ESBG), the European Association of Cooperative Banks (EACB), Insurance Europe, the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), and the European Federation of Insurance Intermediaries (BIPAR) – would like to express their sincere sympathy to everyone directly suffering because of the Covid-19 pandemic and to profoundly thank all those risking their own health to save lives. read more
28.03.2020 - McKinsey & Company - Global surveys of consumer sentiment during the coronavirus crisis
27.03.2020 - OECD - updates G20 summit on outlook for global economy
27.03.2020 - BIS - Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19
26.03.2020 - Please find below the links to today’s statements of the EBA and the ESMA on the accounting implications of Covid-19 outbreak together with the EBA statements on consumer and payment issues and postponed EBA activities in light of Covid-19
26.03.2020 - Project Syndicate - The Race Between Economics and COVID-19, by Mohamed A. El-Erian
26.03.2020 - Imperial-College-COVID19-Global-Impact-26-03-2020.pdf
26.03.2020 - FT - Coronavirus tracked: the latest figures as the pandemic spreads | Free to read
Observations by Bruegel’s Senior Economist Nicolas Veron. A recording of the webcast can be accessed via https://www.bruegel.org/events/the-sound-of-economics-live-banks-and-loan-losses-in-the-pandemic-turmoil/
COVID-19: Implications for business
24.03.2020 - ECB - Working Paper Series - No 2381 "Real-time weakness of the global economy: a first assessment of the coronavirus crisis", by Danilo Leiva-Leon, Gabriel Perez-Quiros, Eyno Rots
24.03.2020 - IMF - Policy-Responses-to-COVID-19
This policy tracker summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic as of March 24, 2020. The tracker includes G-20 economies and the European Union/Euro Area.
IMF Podcasts - Kristalina Georgieva on Human, Economic Costs of Covid-19
The coronavirus pandemic is having a profound impact on lives and economies around the world. In this podcast, we hear IMF Managing Director Kristalina Georgieva’s statement following her call with G20 Finance Ministers and Central Bank Governors, where they discussed the extraordinary circumstances of the health crisis and the extraordinary measures it will take to mitigate its economic impact.
23.03.2020 - ESMA - COVID 19
23.03.2020 - KPMG - UK Economic Outlook March 2020
22.03.2020 - Princeton University - COVID-19 SME Evergreening Proposal: Inverted Economics
Markus Brunnermeier and Arvind Krishnamurthy
22.03.2020 - IIF - 5-Step Policy Response Plan for COVID-19
21.03.2020 - Interview with Isabel Schnabel,
Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer
20.03.2020 - BIS Press release - "Basel Committee coordinates policy and supervisory response to Covid-19"
20.03.2020 - Centralbanking - Will cash survive Covid-19?
Fears are emerging that banknotes may carry the coronavirus. Are they justified?
by Rachael King Alice Shen
19.03.2020 - Coronavirus: The Hammer and the Dance, by Tomas Pueyo
What the Next 18 Months Can Look Like, if Leaders Buy Us Time
Summary of the article: Strong coronavirus measures today should only last a few weeks, there shouldn’t be a big peak of infections afterwards, and it can all be done for a reasonable cost to society, saving millions of lives along the way. If we don’t take these measures, tens of millions will be infected, many will die, along with anybody else that requires intensive care, because the healthcare system will have collapsed.read more
An immediate response to the crisis
The EIB Group has proposed a plan to mobilise up to €40 billion of financing. This will go towards bridging loans credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps. The EIB Group, including the European Investment Fund, which specialises in support for SMEs, will work through financial intermediaries in the Member States and in partnership with national promotional banks.
The proposed financing package consists of:
All these actions can be implemented quickly to ease liquidity shortages and will be implemented in partnership with national promotional banks wherever feasible.read more
16.03.2020 - ESM
Transcript of remarks by ESM Managing Director Klaus Regling. Video press conference after Eurogroup meeting.
16.03.2020 - Keeping Business Alive: The Government Will Pay
Emmanuel Saez and Gabriel Zucman, UC Berkeley
The coronavirus threatens the world’s economic life. The most important message that needs to come from heads of state immediately, even before any new law or complete implementation details are provided, is: “Do not lay off your workers or liquidate your business. Government will pay your idle workers and your necessary maintenance costs while you are shutdown. Government money is coming soon.”1 This is crucial to stanch the flow of mass layoffs and business destruction that is already starting. Why is such a measure necessary, and how to implement it in practice?
16.03.2020 - diezukunftnachcorona.com - The Post Corona World
15.03.2020 - ENISA (EU’s Agency for Cybersecurity)
Top Tips for Cybersecurity when Working Remotely
12.03.2020 - EBF
The European Banking Federation issued the following statement today following the announcements by the European Central Bank and the European Banking Authority:
Says Wim Mijs, Chief Executive Officer of the European Banking Federation:
“The ECB and EBA have swiftly delivered comprehensive packages under very challenging circumstances. In the interests of businesses and households in Europe financial stability needs to be maintained. That is particularly important for a bank-financed economy like the one we have in Europe. The ECB package clearly shows it wants to avoid adverse liquidity effects so that banks can continue providing financing to businesses even under these increasingly challenging economic conditions.” read more
12.03.2020 - EBA
EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector.