Economist claims Central Bank has 'gone missing in action' amid coronavirus crisis

Economist claims Central Bank has 'gone missing in action' amid coronavirus crisis

The Central Bank has come in for some criticism around its handling of the economy amid the Covid-19 pandemic.

The Central Bank has said the reduction in economic output this year will be greater than any year during the financial crisis.

It said the economy could collapse by 25% over the next three months and up to half a million people could lose their jobs.

It has also warned that unemployment is likely to peak at 25% by early summer, but the outlook could get a lot worse if the Government needs to extend the Covid-19 lockdown.

It said public finances could be €19.6bn down this year.

However, economist David McWilliams has said the Central Bank should be a player not a spectator.

Mr McWilliams said: "What riles me a little bit is listening to the Central Bank give their tuppence-ha'penny on the economy without actually standing up and saying 'we are an active part of economic policy and we will do our part'.

"I think the Central Bank has been incredibly unresponsive, they have gone missing in action, in a way."

    Useful information
  • The HSE have developed an information pack on how to protect yourself and others from coronavirus. Read it here
  • Anyone with symptoms of coronavirus who has been in close contact with a confirmed case in the last 14 days should isolate themselves from other people - this means going into a different, well-ventilated room alone, with a phone; phone their GP, or emergency department;
  • GPs Out of Hours services are not in a position to order testing for patients with normal cold and flu-like symptoms. HSELive is an information line and similarly not in a position to order testing for members of the public. The public is asked to reserve 112/999 for medical emergencies at all times.
  • ALONE has launched a national support line and additional supports for older people who have concerns or are facing difficulties relating to the outbreak of COVID-19 (Coronavirus) in Ireland. The support line will be open seven days a week, 8am-8pm, by calling 0818 222 024

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