Policymakers and government leaders have taken a range of approaches to deal with the economic fallout from the coronavirus.
The U.S. Federal Reserve slashed rates back to near zero, restarted bond buying and launched other measures from its crisis-era toolkit, along with other central banks, to put the floor under a rapidly disintegrating global economy assailed by efforts to contain the coronavirus pandemic.
The Fed also encouraged banks to use the trillions of dollars in equity and liquid assets built up as capital buffers since the financial crisis to lend to business and households whose balance sheets and lives have been upended by the virus.
The central banks of the United States, the euro zone, Canada, Britain, Japan and Switzerland agreed on Sunday to offer three-month credit in U.S. dollars on a regular basis and at a rate cheaper than usual.
The U.S. Treasury Department will defer tax payments without interest or penalties for certain individuals and businesses negatively impacted, aiming to provide more than $200 billion of additional liquidity to the economy.
The Small Business Administration will also provide capital and liquidity to firms affected by the coronavirus.
Earlier, Trump signed a $8.3 billion emergency spending bill to combat the spread of the virus and develop vaccines for the highly contagious disease.
European Union leaders have so far failed to agree to radical measures to tackle the crisis. European Commission chief Ursula von der Leyen said on Thursday Brussels was working on responses including a “package to prop up the EU economy”.
Euro zone finance ministers, known as the Eurogroup, meet on Monday and signals before their meeting suggest that a large scale, coordinate fiscal boost is likely coming.