The European Central Bank will use fresh funds to open its banking system's lending facilities to industries hard-hit by the pandemic, and to help small- and medium-sized companies. That's expected to help stabilize output, employment and consumer spending.
Beyond those emergency measures, the political leaders of the trans-Atlantic community should realize that strong public health policies are a fundamental input into the economic and political vitality of societies sworn to defend freedom and democracy. But I do concede that naysayers are carrying the day by prevailing with monetary quick fixes, even though the financial markets have clearly signaled that pushing more cheap credit into an already liquidity-flooded economy would not spur investments, output, employment, sustainable growth and higher asset valuations.
I'm excited for when it turns into a full fledged economic crisis and central banks have already used up all the tools they have to mitigate it