Governments and central banks need to step up efforts urgently to support their economies in the face of the coronavirus crisis, the head of the Bank for International Settlements said on Sunday.
General Manager Agustín Carstens, who heads the BIS - an umbrella group for the world's central banks - wrote an opinion piece on Sunday saying"urgent" solutions beyond those used during the 2008 financial crisis were needed.Rules brought in after the 2008 crash were designed to prevent banks overextending themselves, but the worry now is that they are not stepping in and lending when the capital markets have slammed shut for many firms.
Major central banks have rushed to pour trillions of dollars worth of emergency funding into the global banking system but that money needed to reach those who need it, Carstens said. These"tax deferral loans" could be securitized and refinanced by the central bank, with any losses to be borne by governments.
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