WEDNESDAY 4 MARCH 2020Businesses have to do the heavy
lifting in a downturn
There are more than 50 confirmed cases of coronavirus in the UK (PA)
HAMISH MCRAE
The Federal Reserve here in Washington duly cut its interest rates but what about
the rest of the G7? There are powerful domestic reasons for the Fed giving a show of
strength, but dollar interest rates matter more than any other ones. But where is the
coordination?The big point here is that public health plans to combat the coronavirus in Britain and most other countries
are pretty far advanced. However, the economic plans are much less so. The financial markets responded
negatively yesterday when G7 finance ministers and central bankers gave a vague announcement that they
“stand ready to cooperate further on timely and effective measures”. The reaction showed the business
community remains sceptical. Saying you will use “all appropriate policy tools” to combat the economic