Covid-19: Governments must administer the biggest fiscal injection possible

Central banks took aim at Covid-19 and missed. Now states need to fire the biggest bazooka they can find to rescue struggling businesses

17th March, 2020
Covid-19: Governments must administer the biggest fiscal injection possible
Christine Lagarde, the European Central Bank president: co-ordinated actions by central banks failed to calm investors. Picture: Getty

What saved the world from the great recession of 2008 turning into a great depression? In 2010 and through to 2012, what prevented the sovereign debt crisis in Europe spiralling out of control and breaking up the single currency? The answer was the actions of central bankers.

The global economy was pulled back from the cliff edge by the the Federal Reserve’s decision, widely unpopular at the time in the US, to in effect print money, and by...

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