The National Bank is fighting the economic consequences of the coronavirus pandemic
At the request of the federal government, the Economic Risk Management Group met for the first time this evening in the premises of the National Bank. This working group, which is co-chaired by the Governor of the National Bank, Pierre Wunsch, and Dr Piet Vanthemsche, is tasked with mapping the economic consequences of the coronavirus pandemic in order to counter them.
On Thursday evening, the federal government announced the creation of an economic working group tasked with addressing the economic consequences of the coronavirus pandemic. This working group, called the Economic Risk Management Group (ERMG), brings together representatives of major economic interest groups, the financial sector, public bodies, communities and regions, academics and social partners (employers' and workers' organisations). It is co-chaired by the Governor of the National Bank, Pierre Wunsch, and Dr Piet Vanthemsche.
The task of the working group is to map the extent of the consequences for the economy and the financial sector, to identify risks in good time and to make recommendations for supporting measures.
The ERMG met for the first time tonight. The Prime Minister, Deputy Prime Ministers and many other ministers also attended this first meeting.
The National Bank plays an important role in supporting this initiative. More than 100 National Bank employees have been mobilised to contribute on a full-time basis to the smooth functioning of the ERMG, under the leadership of the Governor and the entire Board of Directors of the National Bank. They include economists specialising in macro and microeconomics, statisticians, financial market analysts and experts in banking and insurance.
“The National Bank's top priority will be to address the economic consequences,” says Governor Pierre Wunsch. “We have mobilised all of our best experts on a full-time basis and they are working tirelessly. In these exceptional times, we must make exceptional efforts. Together with the members of the ERMG, we will do our utmost for our economy. Moreover, we are also very busy at Eurosystem level. To give but one example, I have, in my capacity as member of the Governing Council of the European Central Bank, contributed to the decision to launch a EUR 750 billion bond purchase programme.”