The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
Financial Stability Review, May 2021
Foreword
This is the third issue of the Financial Stability Review (FSR) prepared in the context of the coronavirus COVID-19 pandemic, with many euro area countries having faced a third wave of infections. As a result, a vast number of firms – particularly those in the services, leisure and travel sectors – still cannot operate normally, and the economy is still reliant upon policy support to prevent widespread unemployment, corporate insolvencies and economic contraction. The human and economic costs of the pandemic continue to accrue.
That said, vaccination programmes are progressing and offering a route out of the pandemic. Financial markets have been driven by expectations of an upswing, exemplified by a striking rally in global equity markets. We are optimistic that financial and economic conditions will bounce back. There is, however, a reality that the pandemic will leave a legacy of higher debt and weaker balance sheets, which – i
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OFWs: Smugglers of faith and joy BusinessWorld 19 hrs ago
(Second of three parts)
Economic prospects for 2021 look bleaker by the day as COVID-19 cases are rising and our Government can’t seem to get their act together in effectively distributing the vaccines available and managing more expertly the necessary balance between public health and the economy. In my own economic forecast, the Philippines shall continue to see paralyzing lockdowns as we suffer from additional surges of even more infectious varieties of this deadly virus. I do not expect positive GDP growth till the fourth quarter of the current year, coming mostly from the Government’s stimulus packages and the Build, Build, Build program. The only other major source of growth will be from the more than 10 million Overseas Filipinos who are literally our global front liners helping to carry the burden of the Philippine economy as our doctors, nurses, and health workers are the front liners caring for the health o
BusinessWorld
April 13, 2021 | 9:25 pm
(Second of three parts)
Economic prospects for 2021 look bleaker by the day as COVID-19 cases are rising and our Government can’t seem to get their act together in effectively distributing the vaccines available and managing more expertly the necessary balance between public health and the economy. In my own economic forecast, the Philippines shall continue to see paralyzing lockdowns as we suffer from additional surges of even more infectious varieties of this deadly virus. I do not expect positive GDP growth till the fourth quarter of the current year, coming mostly from the Government’s stimulus packages and the Build, Build, Build program. The only other major source of growth will be from the more than 10 million Overseas Filipinos who are literally our global front liners helping to carry the burden of the Philippine economy as our doctors, nurses, and health workers are the front liners caring for the health of the