The former head of the National Treasury Management Agency (NTMA), Michael Somers, who helped set up the agency during the crisis of the late 1980s, said the banks could do much more during the Covid-19 crisis.
A pledge by the US central bank, the Federal Reserve, for a massive spending spree of all types of US debt failed to put the brake on the global stock market sell-off, suggesting that investors are looking for huge government spending programmes and not just market-calming initiatives by central banks.
As Fine Gael and Fianna Fáil negotiators met again yesterday to resume policy discussions, the Green Party continues to insist that what is most urgently needed is a Government of national unity to deal with the Coronavirus crisis.
Ireland, as part of a coordinated approach with the eurozone, will likely be offered some sort of bank guarantee to respond to the Covid-19 fallout, such is the exceptional nature of the crisis , leading economists have said.
The Irish economy is heading into recession a senior economist has warned, as official measures designed to defeat the Covid-19 outbreak hits the jobs-rich industries of tourism, hospitality, and retail.
Europe began a new campaign to shield economies from the coronavirus as the region’s two main central banks either delivered or signaled action to avoid a 2008-style crisis, and German Chancellor Angela Merkel promised to do “whatever is necessary”.