No, the ECB won’t change its monetary policies because of the coronavirus

From: RegTech Analyst

A top European Central Bank (ECB) executive has shot down the idea that there is a need to take monetary policy actions because of the coronavirus.

Jens Weidmann, a member of the ECB’s governing council and the current president of the Deutsche Bundesbank, made the announcement on Friday, adding that remaining alert was however warranted, Reuters reported.

He and other ECB policymakers said it was too early to gauge the economic fallout of coronavirus, but he acknowledged the Bundesbank’s prediction of a 0.6% gross domestic product expansion this year, which had already been halved from the previous forecast, may be out of date.

As the virus, named Covid-19, is spreading around the world, it seems as if the fake news, rumours and misinformation about the disease are spreading even faster. The World Health Organization has labelled the false claims spreading about the coronavirus a infodemic.

Andrew Pattison, digital business solutions manager, for the WHO said false information was “spreading faster than the virus”, the BBC reported.

The BBC reporting that claims have even been made saying that the virus is due to the rollout of 5G.

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