Britain’s Chancellor of the Exchequer Rishi Sunak outside Downing Street in London on February 14. He is under pressure to increase public spending in his budget to be delivered on March 11. Photo: Reuters
David Brown
Opinion

Opinion

Macroscope by David Brown

Coronavirus threat should push global superpowers to ditch austerity and ramp up fiscal stimulus

  • As the coronavirus takes its toll on a global economy already battered by the US-China trade war, central bank monetary policy easing will not do the trick
  • In Europe, where interest rates are already negative, only massive public spending will prevent Germany, France and Italy from heading into recession
Britain’s Chancellor of the Exchequer Rishi Sunak outside Downing Street in London on February 14. He is under pressure to increase public spending in his budget to be delivered on March 11. Photo: Reuters
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