The COVID-19 Diaries – Day 11 – Black Mirror – Live Experience
With the memories of the 2008 financial crisis still a bright image in their minds, leaders around the globe have laid down strong defense lines, especially in China, US and Germany.
Since January, moot of the major central banks have eased their monetary policy. To put in perspective, the global weighted average policy rate has declined below post-2008 and is 1.66% lower than in December, 2018. With the Bank of England on the brink of re-launching its quantitative easing program, all major countries will be en route to a ride on memory lane.
As discussed in a previous article, the current crisis is not originated from debt, real estate or the financial system. Yet, such a hike in unemployment, especially if stays constant, may be fuel to the fire. Consequently, debt defaults could arrive sooner than anticipated.
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The views, information, or opinions expressed in this blog series are solely those of the individuals involved and do not necessarily represent those of PwC Austria and its employees. PwC Austria does not give any representation or warranty of any kind (whether expressed or implied) as to the accuracy or completeness of the information contained in this blog series. It has been prepared solely for general informational purposes. Nothing in this document should be construed as advice to proceed or not to proceed with transactions or any other type of decisions.