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29th Mar 2024

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IMF: Pandemic crisis will be worse than great depression

The coronavirus pandemic will turn global economic growth "sharply negative" in 2020, triggering the worst crisis since the 1930s great depression, with only a partial recovery seen in 2021, International Monetary Fund managing director Kristalina Georgieva said Thursday. Georgieva said governments had already taken fiscal stimulus measures of $8 trillion, but more would be needed. She said the crisis would hit emerging markets and developing countries hardest, Reuters reported.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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