Sterling plunged 5% to its lowest level against the dollar in over three decades and was trading at Brexit crisis levels of 93.4 pence against the euro as the shocks caused by the coronavirus rippled through global markets.
Irish business and trade union leaders said they stand ready to work with government in a national effort to face down the Covid-19 crisis, but warn that they need more help to prevent firms from going under.
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”.
Last year, monetary policy returned to an easing mode, in response to a marked slowdown in global growth, and the IMF estimates that the monetary easing added 0.5% to world growth in 2019.
The notification that Irish banks were not ready for some new features of the EU Payment Service Directive came from the Central Bank in mid-December when there was clear evidence the new security procedures entailed by the directive were not going to be met anytime soon.