Sovereign debt
G20 agrees debt relief for poorest nations
IMF and World Bank welcome “powerful, fast-acting initiative”
IMF urges countries to use fiscal firepower against Covid-19
“Do whatever it takes, but make sure to keep the receipts,” says IMF fiscal chief
IMF takes new steps to support weaker countries
Fund approves immediate debt relief for 25 countries; offers Ghana $1 billion to fight Covid-19
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
National Bank of Poland cuts rates to record low of 0.5%
Central bank includes state-guaranteed bonds in its asset purchase programme
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
ECB buys Italian bonds well above capital key in March
Central bank bought €11.8 billion in Italian sovereign bonds last month, up from €2.2 billion in February
Is the ESM the eurozone’s best weapon against Covid-19?
Eurobonds face economic and political hurdles, say former officials
Dutch former governor attacks PM for blocking eurobond
Nout Wellink says Netherlands must prevent further debt crisis in Southern European countries
ECB makes record sovereign bond purchases
Central bank ramped up purchases under the PSPP programme in the week to March 27
Georgieva calls for radical policies as IMF faces unprecedented demand
IMF head says rich countries must increase financing as nearly 80 countries request $50 billion in aid
ECB drops bond-holding limits for crisis response
€750bn stimulus programme will not be subject to previous limits on holding countries’ bonds
ECB sharply ramps up asset purchases
Central bank increases securities holdings by €17.4 billion, the highest for two years
Central Bank of Colombia starts buying sovereign, private debt
Central bank aims to ensure the constant provisioning of liquid resources to the economy
Bank of Israel to buy $13bn in government bonds
Central bank also supplying $15bn to banking sector to meet “very high” demand
Fed commits to unlimited bond purchases in massive new programme
FOMC announces radical new measures and calls on other policy-makers to act aggressively
Fed expands lending facility to support municipal bond market
Political pressure mounting to support local governments; senator proposes bill to broaden QE powers
Riksbank resumes QE by buying government debt
Swedish central bank buys $245 million in sovereign debt and will buy covered bonds on March 25
Croatian central bank starts bond-buying programme
HNB also holds repo auction and may relax banks’ capital buffers in response to coronavirus
Lagarde misstep overshadows ‘bold’ measures, analysts say
ECB president seemed to have hampered governments’ debt financing at a critical juncture
Costa Rican central bank pulled into fiscal debate
Government split on how fiscal rule should be calculated as fiscal deficit continues upward trend
IMF staff say Argentina’s debt is unsustainable
Report calls for haircut for private creditors as Argentine government demands IMF debt forgiveness
Yield curve models overstate chances of US recession – ECB research
Models need to account for effects of QE asset purchases on bond premia, authors say
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy