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Coronavirus: from health crisis to economic crisis

How is the coronavirus pandemic affecting the economy? Which sectors have been hit hardest? What is the ECB doing to limit the economic impact of the crisis? Our host Michael Steen discusses these questions with ECB Chief Economist Philip R. Lane.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 19 May 2020 and recorded on 11 May 2020.

In this episode
Coronavirus and the economy

The economic impact of the coronavirus pandemic, the characteristics of the shock on the supply and demand sides and which sectors have been hit the hardest by the crisis.

Coronavirus and the policy response

The need to address the dramatic downturn in the economy that is threatening price stability, how we are supporting households and firms and why fiscal policy has to play a central role.

The risk of falling prices and targeted lending

How the pandemic pushes prices down in the short and medium-term and how our targeted measures incentivise banks to continue lending to small and medium-sized businesses and households in these uncertain times.