SUERF Coronomics Info Hub
The latest analyses on economic and financial aspects of the COVID-19 pandemic by SUERF members and beyond
30.06.2020 - BIS - Annual Economic Report 2020
Press release Central banks a stabilising force in response to unprecedented crisis
26.06.2020 - IZA Institute of Labor Economics - A Literature Review of the Economics of COVID-19 - DP No. 13411
25.06.2020 - BPEA Article - Policies for a second wave, by David Baqaee, Emmanuel Farhi, Michael J. Mina, and James Stock
25.06.2020 - ECB - New Eurosystem repo facility to provide euro liquidity to non-euro area central banks
24.06.2020 - IMF - The Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom Large
World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery
24.06.2020 - The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery, speech by Philip R. Lane, Member of the Executive Board of the ECB.
22.06.2020 - Keynote speech delivered by President Werner Hoyer at the Frankfurt Finance Summit "Promoting productivity and sustainability in the time of COVID-19: a twin challenge "
19.06.2020 - European Council - Video conference of the members of the European Council, 19 June
17.06.2020 - Bruegel Blog Post - The EU’s recovery fund proposals: crisis relief with massive redistribution, by Zsolt Darvas
15.06.2020 - IMF blog: Combating COVID-19: How Should Banking Supervisors Respond? By Tobias Adrian and Ceyla Pazarbasioglu
10.06.2020 - The ECB’s policy in the COVID-19 crisis – a medium-term perspective, remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at an online seminar hosted by the Florence School of Banking & Finance.
10.06.2020 - PIIE - A new policy toolkit is needed as countries exit COVID-19 lockdowns, by Olivier Blanchard, Thomas Philippon and Jean Pisani-Ferry
27.05.2020 - BIS - Countering Covid-19: The nature of central banks’ policy response
Opening remarks by Agustín Carstens, General Manager of the BIS, at the UBS High-level Discussion on the Economic and Monetary Policy Outlook, Zurich, 27 May 2020
27.05.2020 - Commission: Recovery Plan Communication: “Europe’s moment: Repair and Prepare for the Next Generation”
Staff working document - Identifying Europe’s recovery needs
26.05.2020 - ECB - Financial Stability Review, May 2020
25.05.2020 - EBA - COVID-19 is placing unprecedented challenges on EU banks
22.05.2020 - BIS - Dealing with Covid-19: understanding the policy choices, by Frederic Boissay, Daniel Rees and Phurichai Rungcharoenkitkul
19.05.2020 - ECB - Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Institute for Monetary and Financial Stability Policy Webinar, 19 May 2020 - Pandemic central banking: the monetary stance, market stabilisation and liquidity
15.05.2020 - ESM - Board of Governors backs Pandemic Crisis Support
15.05.2020 - Eurogroup - Video conference of the Eurogroup:
Main results: Regular format (euro area countries) - Euro area: economic outlook and challenges
Remarks by Mário Centeno following the Eurogroup videoconference of 15 May 2020
Remarks by Commissioner Gentiloni at the Eurogroup press conference
14.05.2020 - BIS - Financial crime in times of Covid-19 - AML and cyber resilience measures, by Juan Carlos Crisanto and Jermy Prenio
13.05.2020 - ECB - Interview with Andrea Enria, Chair of the Supervisory Board of the ECB, “The current crisis is a wake-up call”
13.05.2020 - Deutsche Bank Research: Life after covid-19
13.05.2020 - PIIE - An Economic Update by Fed Chair Jerome H. Powell and Adam S. Posen, President, PIIE.
13.05.2020 - Commission: Speech by President von der Leyen at the European Parliament Plenary on the new MFF, own resources and the Recovery Plan
- Tourism and transport: Commission’s guidance on how to safely resume travel and reboot Europe’s tourism in 2020 and beyond
12.05.2020 - European Parliament resolution on the new multiannual financial framework, own resources and the recovery plan
11.05.2020 - CEPS: Latest Numbers / Monitoring Covid-19 contagion growth in Europe
11.05.2020 - Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni and published on 11 May 2020
08.05.2020 - ESM Pandemic Crisis Support: Explainer, Timeline and Documents: ESM’s role in the European response
- Klaus Regling at Eurogroup video press conference
08.05.2020 - Commission: State aid- Commission expands Temporary Framework
07.05.2020 - BIS - Effects of Covid-19 on the banking sector: the market’s assessment, by Iñaki Aldasoro, Ingo Fender, Bryan Hardy and Nikola Tarashev
06.05.2020 - European Commission: A deep and uneven recession, an uncertain recovery
European Economic Forecast: Spring 2020
Spring 2020 Economic Forecast - Overview
Spring 2020 Economic Forecast - Statistical annex
European Council: Infographic - The EU’s emergency response to the COVID-19 pandemic
05.05.2020 - Deutsche Bundesbank - Learning from European cooperation in the field of financial stability
by Prof Dr Claudia Buch Vice-President of the Deutsche Bundesbank (Guest contribution published in Süddeutschen Zeitung, in Les Echos and in La Repubblica)
05.05.2020 - KfW coronavirus aid: loans for companies
01.15.2020 - ECB Blog - The monetary policy response to the pandemic emergency, by Philip R. Lane
30.04.2020 - ECB announces new pandemic emergency longer-term refinancing operations
28.04.2020 - Eurofi: Views on the Covid-19 crisis impacts
28.04.2020 - SSRN - Papers on Covid-19
27.04.2020 - The EU Technical Expert Group (TEG) on Sustainable Finance: “Sustainable recovery from the Covid-19 pandemic requires the right tools.”
27.04.2020 - European Parliament ThinkTank: Developing a pandemic emergency purchase programme: Unconventional monetary policy to tackle the coronavirus crisis
24.04.2020 - Eurofi article by Elke König, Chair of the SRB - Completing the crisis management framework: a centralized administrative liquidation tool for banks
22.04.2020 - S&P Global Ratings - How COVID-19 Is Affecting Bank Ratings
22.04.2020 - ECB takes steps to mitigate impact of possible rating downgrades on collateral availability
ECB blog - Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures, by Luis de Guindos, Vice-President of the ECB, and Isabel Schnabel, Member of the Executive Board of the ECB
21.04.2020 - CEPS - How is EU cooperation on the Covid-19 crisis perceived in member states? by Sophia Russack / Steven Blockmans
21.04.2020 - Statement of IMF, ESM and other Regional Financing Arrangements (RFA) on economic impact of COVID-19
21.04.2020 - The European Council - A ROADMAP FOR RECOVERY Towards a more resilient, sustainable and fair Europe
21.04.2020 - ICMA -The European repo market and the COVID-19 crisis An ICMA European Repo and Collateral Council (ERCC) market report
21.04.2020 - Why we all need a joint European fiscal response,
by Fabio Panetta, Member of the Executive Board, ECB, published by Politico
20.04.2020 - EPIN Report - EU crisis response in tackling Covid-19: Views from the member states, by Sophia Russack (ed.)
20.04.2020 - IMF - A Global Crisis Like No Other Needs a Global Response Like No Other
19.04.2020 - Spain’s non-paper on a European recovery strategy
17.04.2020 - Deutsche Bundesbank: An expansionary monetary and fiscal policy will in any case remain necessary for some time - Interview with Jens Weidmann, President of the Deutsche Bundesbank, conducted by Jana Randow, Bloomberg.
16.04.2020 - S&P Global Ratings - Economic Research: COVID-19 Deals A Larger, Longer Hit To Global GDP by Paul Gruenwald, Beth Ann Bovino, Shaun Roache and Sylvain Broyer.
16.04.2020 - wiiw - Eastern Europe Coronavirus Tracker: Economic impact rising
Most countries report far fewer cases than in Western Europe, but the macro fallout will still be huge.
16.04.2020 - EBRD/LSE panel discussion assess impact and consequences of pandemic - watch video
16.04.2020 - Bank of England, Monetary policy during pandemics: inflation before, during and after Covid-19, by Silvana Tenreyro
16.04.2020 - BIS - Covid-19 and operational resilience: addressing financial institutions’ operational challenges in a pandemic
16.04.2020 - ECB - Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a 24-Hour Global Webinar co-organised by the SAFE Policy Center on “The COVID-19 Crisis and Its Aftermath: Corporate Governance Implications and Policy Challenges”
15.04.2020 - European Commission
Coronavirus: European roadmap shows path towards common lifting of containment measures
15.04.2020 - ECB supports macroprudential policy actions taken in response to coronavirus outbreak
14.04.2020 - FSB Chair updates Finance Ministers and Central Bank Governors on COVID-19 response
14.04.2020 - IMF - World Economic Outlook, April 2020: Chapter 1
World Economic Outlook Reports
Fiscal Monitor Reports
IMF blog - The Great Lockdown: Worst Economic Downturn Since the Great Depression, by Gita Gopinath
13.04.2020 - Opinion of the Helmholtz Initiative “Systemic epidemiological analysis of the COVID-19 epidemic”
12.04.2020 - ECB - Interview with Luis de Guindos, Vice-President of the ECB, conducted by Manel Pérez
10.04.2020 - European Council
Statement by the President of the European Council Charles Michel following the agreement of the Eurogroup
"The agreement of the Eurogroup is a significant breakthrough. More than half a trillion Euros are now available to shield European Union countries, workers and businesses. With this unparalleled package we shoulder the burden of the crisis together. This compromise is aimed at quick targeted relief." Charles Michel, President of the European Council
10.04.2020 - McKinsey & Comapny - Organization Practice: To weather a crisis, build a network of teams
by Andrea Alexander, Aaron De Smet, Sarah Kleinman, and Marino Mugayar-Baldocchi
09.04.2020 - Eurogroup - Report on the comprehensive economic policy response to the COVID-19 pandemic
09.04.2020 - European Commission - Oneplanetcrowd raises €1 million growth finance from European Investment Fund
09.04.2020 - IMF - Confronting the Crisis: Priorities for the Global Economy, By Kristalina Georgieva, IMF Managing Director
09.04.2020 - ECB Blog - How the ECB is helping firms and households, post by Christine Lagarde, President of the ECB
08.04.2020 - EIB Group contributes € 5.2 billion to EU response to Covid-19 outside European Union
08.04.2020 - EBRD - Coronavirus to lead to significant economic contraction across EBRD regions
EBRD - Spending to counteract coronavirus creates chance to “tilt to green”
07.04.2020 - IIF - April 2020 Global Debt Monitor: COVID-19 Lights a Fuse
07.04.2020 - ECB announces package of temporary collateral easing measures
06.04.2020 - EIF - Update in relation to the EIF’s response measures to the COVID-19 pandemic
The EIF and EC are launching specific COVID-19 support under InnovFin SME Guarantee Facility (InnovFin SMEG), which is supported by the European Fund for Strategic Investments (EFSI). read more
06.04.2020 - IMF - An Early View of the Economic Impact of the Pandemic in 5 Charts
By John Bluedorn, Gita Gopinath, and Damiano Sandri
04.04.2020 - Eurogroup - Interview of Mário Centeno with Süddeutsche Zeitung, Le Figaro, La Repubblica, El Pais and Volkskrant
04.04.2020 - University of Oxford, Research Projects: Oxford COVID-19 Government Response Tracker
BSG Working Paper Series: Variation in government responses to COVID-19
Abstract: COVID-19 has prompted a wide range of responses from governments around the world. There is a pressing need for up-to-date policy information as these responses proliferate, and governments weigh decisions about the stringency of their policies against other concerns. We introduce the Oxford COVID-19 Government Response Tracker (OxCGRT), providing a systematic way to track the stringency of government responses to COVID-19 across countries and time. Using a novel index that combines various measures of government responses, we describe variation in government responses, explore whether rising stringency of response affects the rate of infection, and identify correlates of more or less stringent responses. read more
03.04.2020 - Initial Budget and Public Management Responses to the Coronavirus (COVID-19) Pandemic in OECD Countries
03.04.2020 - BIS Bulletin - Covid-19, cash, and the future of payments
by Raphael Auer, Giulio Cornelli and Jon Frost
03.04.2020 - Basel Committee sets out additional measures to alleviate the impact of Covid-19
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 - J.P. Morgan - Impact of COVID-19 on Corporates: Pandemic Prompts Corporates to Navigate Through a New Normal
02.04.2020 - EIOPA - urges (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs
02.04.2020 - Allianz Research - NEW BONDS TO MAKE THE EUROZONE SAFER
02.04.2020 - ESM blog - The time for solidarity in Europe is now – a concerted European financial response to the corona-crisis
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
31.03.2020 - BlackRock Macro Insights - Policy makers seek to curtail coronavirus jobs hit
31.03.2020 - By WIIW Economists - Eastern Europe Coronavirus tracker: Preparing for the worst
30.03.2020 - German Council of Economic Experts – The economic outlook in the coronavirus pandemic: Special Report 2020
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 - J.P. Morgan - Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions
27.03.2020 - OECD - updates G20 summit on outlook for global economy
27.03.2020 - ECB Banking Supervision - Flexibility in supervision: how ECB Banking Supervision is contributing to fighting the economic fallout from the coronavirus
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
- ESMA statement - IFRS9
- EBA statement - default, forbearance and IFRS9
- EBA statement - consumer and payments issues
- EBA statement- postponed EBA activities
26.03.2020 - Universität Zürich, Department of Economics - Positionspapier Coronavirus
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
25.03.2020 - Bruegel - The Sound of Economics Live: Banks and Loan Losses in the Pandemic Turmoil
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/
25.03.2020 - McKinsey & Company — Coronavirus: Leading through the crisis
Safeguarding our lives and our livelihoods: The imperative of our time
COVID-19: Implications for business
24.03.2020 - ESM - Press releases - Klaus Regling at Eurogroup video press conference.
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 - William De Vijlder, Group Chief Economist, BNP Paribas
blog - Faced with a sudden stop, policy switches to a ‘whatever it takes’ mode
23.03.2020 - CEPS - Topics on Covid-19
23.03.2020 - ESMA - COVID 19
ESMA clarifies position on call taping under MiFID II
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 - Financial Stability Board
FSB coordinates financial sector work to buttress the economy in response to COVID-19.
read more
20.03.2020 - FMA - Current information about COVID-19 Measures
20.03.2020 - BIS Press release - "Basel Committee coordinates policy and supervisory response to Covid-19"
20.03.2020 - ECB Banking Supervision announced that it was providing further flexibility to banks in reaction 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 - ECB
The ECB blog - Christine Lagarde writes about the current measures in her ECB blog.
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
17.03.2020 - Princeton University- Throwing a COVID-19 LIQUIDITY LIFE-LINE
Markus Brunnermeier, Jean-Pierre Landau, Marco Pagano and Ricardo Reis
16.03.2020 - Coronavirus outbreak: EIB Group’s response to the pandemic
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:
- Dedicated guarantee schemes to banks based on existing programmes for immediate deployment, mobilising up to €20 billion of financing;
- Dedicated liquidity lines to banks to ensure additional working capital support for SMEs and mid-caps of €10 billion;
- Dedicated asset-backed securities (ABS) purchasing programmes to allow banks to transfer risk on portfolios of SME loans, mobilising another €10 billion of support.
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)
&nbs
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