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ECB may convene emergency meeting due to coronavirus

UNITED STATES (OBSERVATORY NEWS) — The next meeting of the ECB Governing Council is scheduled for March 12 and it does not plan to discuss issues related to the coronavirus, said the head of the Central Bank of Lithuania Vitas Vasiliauskas. However, the European regulator may well convene an emergency meeting if necessary.

According to the Chairman of the Board of the Bank of Lithuania, now the ECB takes a “wait and see” position. He noted that the European Central Bank will interact with the Central Bank of other countries.

“We do not live in an autonomous world. We cooperate with other central banks. We exchange information and coordinate actions, ”Vasiliauskas explained.

He also noted that the ECB is monitoring the impact of the epidemic on supply chains and may need to study the potential impact of the spread of the virus on the consumer sector if there is a “demand shock”.

At the same time, the head of the Lithuanian Central Bank added that he does not expect “radical changes” in the work of the European regulator.

On the eve of the ECB said the Financial Times and the chairman of the bank Christine Lagarde. According to her, it is too early to respond. A similar opinion was expressed this week by Fed Chairman Richard Clarida.

He believes it is too early to talk about how the spread of the new coronavirus will affect the US economy.

Meanwhile, experts and investors hold a different point of view. Panic reigns in the US stock market : shares of the largest players went to a sharp peak. Analysts believe the fall will continue and the Fed will be forced to intervene. And soon – the next Fed meeting is scheduled for March 5-6. And the expectations of a sharp decline in the US regulator rates are 65%.

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