G-7 finance, central bank chiefs to hold talks on Tuesday to coordinate coronavirus response

WASHINGTON - Finance ministers and central bank chiefs from G-7 countries will hold talks on Tuesday amid rising global uncertainty over the coronavirus epidemic, the US Treasury said on Monday.

"We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks," European Central Bank chief Christine Lagarde said in a statement. The announcement cheered Wall Street, which rebounded from its worst week since 2008, when it dropped 12.4 per cent, and the benchmark Dow Jones Industrial Average rallied 5 per cent to 26,706.17.But Banque de France chief Francois Villeroy de Galhau said governments rather than central banks should take action for the moment.

THE NECESSARY SUPPORT US economists also doubt whether an interest rate cut by the Federal Reserve would be effective against the economic disruption caused by the epidemic. France's famed Louvre museum, a key attraction in one of the world's top tourism destinations, closed Sunday and the US called off the ASEAN leaders summit set for April.

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US officials talk down coronavirus market panic, tout economic strengthWASHINGTON (REUTERS) - Senior officials in US President Donald Trump's administration on Sunday (March 1) tried to calm market panic that the coronavirus could cause a global recession, saying the US public had overreacted and that stocks would rebound due to the American economy's underlying strength.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »