World economies 'facing major shock', ECB warns
Jerome Hughes
Press TV, Brussels
The decision by US President Donald Trump to ban travel to the US from most EU countries has been criticized by the 27-nation bloc. The European Central Bank has warned that world economies are facing a major shock.
Contrary to expectations, the European Central Bank has decided not to cut interest rates in response to the coronavirus crisis. However, a package of monetary measures has been announced by the ECB including €120bn to facilitate bank lending within the 19-country eurozone.
The head of the European Commission claims it is imperative that EU nations work harder to slow down the rate of new coronavirus infections.
US President Donald Trump is blaming the EU for the growing coronavirus problem in his country.
He has announced that travel from most EU countries to the US is to be banned temporarily.
Criticism continues to abound regarding a lack of cooperation between EU nations to try and tackle the health emergency. Major political differences are the main reason for coordination issues, according to experts.
Having reached pandemic status, many experts are saying a big concern now is that coronavirus will become endemic, effectively meaning it is here to stay and could keep mutating, targeting the most vulnerable.
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