The spread of the new crown epidemic has brought severe damage to the global economy, coupled with the impact of the sharp decline in the US stock market this week, many countries have taken emergency measures to respond to the crisis. Many states have launched large-scale grant plans and introduced a series of tests to support businesses and individuals.
Italy's emergency appropriation may exceed the deficit
As the new crown epidemic has intensified in Europe, many European countries have announced a series of response measures to support the economy.
According to Italy's Ansa News Agency reported on the 11th, the Italian government, which is currently suffering the most severe outbreak, announced on the same day that it would increase the allocation for the new crown epidemic from 7.5 billion euros to 25 billion euros (about 196 billion yuan). However, this allocation is likely to cause Italy's fiscal deficit to exceed the EU-set limit.
The Italian government has increased funding for the new crown epidemic from 7.5 billion euros to 25 billion euros (about 196 billion yuan).
Italy's Deputy Minister of Finance Castelli confirmed on the 10th that mortgage repayments for individuals and families would be suspended. Italian Minister of Economy Guardieri also said on the 11th that the Italian government might suspend home mortgage loans and repayments in emergencies.
On the 8th, the German government announced a package of measures to assist affected enterprises, including providing liquidity support for companies affected by the epidemic and expanding the coverage of "short-term" government subsidy programs. Also, the German government will allocate an additional 12.4 billion euros from 2021 to 2024 for roads, railways, and affordable housing construction.
According to the British Broadcasting Corporation (BBC) reported on the 11th, Britain announced the first budget after the "Brexit", which includes an emergency financial stimulus plan of 30 billion pounds (about 264 billion yuan). At the same time, the UK also announced measures to support businesses and injected capital into the National Health Service (NHS). Also, according to the Financial Times, the UK Chancellor of the Exchequer Sunac announced that anyone who has been recommended for quarantine due to the outbreak could receive fair sick pay.
On the 11th, the Bank of England and the Bank of England also announced an emergency rate cut, reducing the benchmark interest rate from 0.75% to 0.25%. The Bank of England has said it will also release billions of pounds of additional loans to fund businesses affected by the outbreak.
On the 12th, the Spanish Prime Minister Sanchez also announced a package of 18 billion euros, which will mainly be used to allow small businesses to apportion or delay payment of taxes in the next six months.
European Commission President Von Delane said on the 9th that the European Commission would do everything in its power to boost the economy. However, on the 12th, the European Central Bank did not cut interest rates as expected, and maintained the three significant policy rates unchanged, but decided to increase the size of the asset purchase by an additional 120 billion euros until the end of this year.
The epidemic made governments of various countries use monetary policy to adjust their domestic economies, minimizing the impact on economic development. In addition to these financial means, governments of different countries are also vigorously constructing internal urban infrastructure. For example, Italy has increased the inspection and maintenance of municipal roads, and large-scale construction of anti-epidemic housing and other support has been used to drive population employment and stimulate economic development.
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