‘Powerful and timely’ global response to coronavirus in works: Bank of England

Bank of England Governor Mark Carney said policymakers around the world were working on a “powerful and timely” response to the economic hit from coronavirus which has raised fears of a new global recession.

“The lines of communication globally between central banks are wide open, the lines of communication between ourselves and the Treasury are operating exceptionally well,” Carney told lawmakers on Tuesday.

“It is reasonable to expect a response that reflects a combination of fiscal measures and central bank initiatives.”

While the measures would vary from country, they would have the common goal of providing bridging support for the economy, Carney said.

“We are confident that collectively these measures both within jurisdiction and across jurisdictions will be both powerful and timely,” he said.