INSUBCONTINENT EXCLUSIVE:
The euro-area economy may be headed for its first recession in seven years as the coronavirus outbreak takes an increasing toll on
businesses and consumer confidence.
With Italy attempting a sweeping lock-down across its richest areas and infections nearly doubling in
Spain, economists at Morgan Stanley and Berenberg expect eurozone gross domestic product to shrink in the first half of the year
In France, the central bank now sees output barely growing in the first quarter.
French Finance Minister Bruno Le Maire highlighted his
forced airlines to cut capacity and prompted shoppers in some countries to stockpile essential food items.
The Spanish city of Vitoria
ordered a shutdown of all schools for 15 days.
The downbeat assessments come amid a meltdown in financial markets not seen since the height
of the global financial crisis in 2008
It marks a grim start to the week for European Central Bank policy makers, who meet in Frankfurt and may be forced to lower interest rates
and step up bond purchases
should work on a stimulus plan with fiscal and budgetary measures, and tax cuts, so that when the epidemic crisis is over we can relaunch
euros ($14.1 billion) between 2021 and 2024 and introduce changes that will make it easier for companies heavily affected by the virus like
Deutsche Lufthansa AG to apply for aid to offset wages when they are forced to temporarily halt work.