CNBC's Joumanna Bercetche argues why we need to be able to trust that the actions of policymakers will be enough to minimize the human and economic loss of coronavirus.
These are unprecedented times. Our lives as we know them have been upended: the comforts of routine squarely thrown out of the window and replaced with a combination of anxiety and dread.
"Everything we have written about in the last five years is now happening at the same bloody time!" TS Lombard Macro Analyst Dario Perkins tweeted in disbelief. Globally, central banks have been furiously cutting rates to record lows, expanding balance sheets and swap lines, and offering more generous funding terms to banks.
Those three words have become an adjective ascribed to most of the initiatives that have been presented in the last fortnight. Even Germany has abolished its iron clad dedication to a "schwarze Null" — or balanced — budget and has unleashed a massive stimulus plan which will see its deficit rise to almost 5% of gross domestic product, according to Unicredit. That's Germany doing "whatever it takes".
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