March 3, 2020 / 10:59 AM / a month ago

Bank of England's Carney sees powerful global response to coronavirus

FILE PHOTO: Mark Carney, Governor of the Bank of England listens at a Bank of England Financial Stability Report news conference in London, Britain December 16, 2019. Kirsty Wigglesworth/Pool via REUTERS

LONDON (Reuters) - 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.

Reporting by David Milliken, Elizabeth Howcroft and Paul Sandle; writing by William Schomberg; editing by Alistair Smout

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