Facebook Linked In Twitter

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions



brought to you by CIPA

Lagarde On Travel Ban: I Doubt Very Much That Diseases Have Passports And Are Aware Of Borders

Lagarde On Travel Ban: I Doubt Very Much That Diseases Have Passports And Are Aware Of Borders

European Central Bank (ECB) President Christine Lagarde suggested that the coronavirus is likely to keep spreading irrespective of President Donald Trump’s travel ban on some European nations, the CNBC reports.


Trump announced Wednesday a ban for those entering the United States from 26 European countries. The travel restriction is due to start Friday and last for 30 days.


“I am not to judge one measure or the other by any government. But I doubt very much that diseases have passports and are aware of borders,” Lagarde told CNBC’s Annette Weisbach Thursday.


“They ignore those borders and I think all economies should be mindful about taking the right steps to protect households, the people, enterprises, and make sure, as I said, we bridge that collectively,” she added in an exclusive interview.


Her comments come after the ECB decided not to cut interest rates, despite market expectations for a reduction amid the ongoing coronavirus outbreak. However, the central bank did announce measures to support bank lending and expanded its asset purchase program by 120 billion euros ($135.28 billion).


Market participants were expecting a rate cut of 10 basis points as a way to stimulate the euro economy amid fears that a recession is about to hit the region. Both the Federal Reserve and the Bank of England cut rates over the last week as ways to support their respective economies.

‘Fully committed to avoid any fragmentation’

Lagarde told CNBC that the ECB was “fully committed to avoid any fragmentation in a difficult moment for the euro area.” Her comments were seen as a walk back from an earlier press conference where she said that she was “not here to close spreads” in regards to bond markets. The words caused Italian bond yields to spike. 


There are more than 127,000 confirmed cases of the virus worldwide and the outbreak is weighing on all major economies, leading economists and financial institutions to lower their forecasts for global growth in 2020.


In what was Lagarde’s first big monetary policy announcement since starting the job in November, she asked euro area governments to present an “ambitious” fiscal package to reduce the economic impact of the pandemic.


“Every crisis is different. The moment we are in is different from 2008. What I certainly tried to impress upon (European) leaders and what the Governing Council of the ECB called for is an ambitious and collective fiscal approach, because when you analyze the crisis at the moment it requires a fiscal approach,” Lagarde told CNBC.


India-EU Trade In Goods: €1.4 Billion Deficit In 2019

India was the EU's 10th largest partner for imports (2% of total extra-EU imports) ...

COVID-19: A Breakdown Of The Respiratory Disease Caused By The New Coronavirus

COVID-19, the respiratory disease caused by the new coronavirus, has spread to every ...

Most Europeans Would Support Permanent Ban On Short-Distance Flights, EU Survey Reveals

A Europe-wide poll on attitudes to flying and climate change has revealed a large ...



SAP Business ByDesign: A Time-Tested Solution for Fast-Growing Businesses in Cyprus

A business does not have to be big, to be ‘smart’ - regardless of  size, type and sector, every business can utilize ‘smart’ ...

Consulco: Ranked as a Top Tier Performer in London Real Estate by Morgan Stanley

Following the recent assessment by Morgan Stanley Capital International, Consulco ranked 15th amongst the 160 competitors that specialise in retail ...

Insignia Launches First Ever Clean Payment Card

Perhaps the most unavoidable form of germ transmission occurs through the ordinary use of money and credit cards. Despite the increase in electronic ...

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...

High Potential Startups And Economic Resilience

Economic growth without innovation is hard to imagine. The ultimate source of productivity increases is innovation. About two-thirds of Europe's economic ...

3CX To Offer Free Communications Solution To Businesses In Wake Of Covid-19

3CX, developer of the award-winning business communications solution, has today announced that they will be offering their software to organizations in Cyprus ...