Member of the Higher Committee for Viruses: The elderly must keep their homes after opening up

Dr. Adel Khattab, a member of the Higher Committee for Viruses of the Ministry of Higher Education, said that we are currently between the two straits, there is a major economic crisis in many countries and the spread of the virus in those countries, noting that there is a burden on the state and the citizen, stressing that the citizen must adhere Complete during the next two weeks because they are the most dangerous.

Khattab continued, during a telephone conversation on the evening program dmcThe broadcast on the Extra News channel, which is presented by the media, Iman Al-Hosry, that the death rate in Egypt among Corona patients was 7.5%, but it decreased to 5.5%, stressing that wearing a muzzle did not become a luxury at this time, but now it is a necessity, stressing that the elderly must And chronic disease owners stick to their homes after openings.

Khattab continued, that the state is obliged to restore life to normal again, but citizens must assist the state in this matter.

On the other hand, Dr. Adel Khattab, a member of the Higher Committee for Viruses of the Ministry of Higher Education, said that the daily infection numbers do not matter to us much, but the numbers that we care about are the weekly infection numbers, indicating that it is possible to increase the number of infections during the coming weeks and this matter does not worry much For a number of neighboring countries.

.

“Middle East News”: Corona’s outbreak revealed the decline of mental and mental health of Qataris

The spread of the Covid-19 pandemic in Qatar revealed the decline of the psychological and mental state of a large number of Qatari citizens, according to the Middle East and North Africa News Network, quoting a Qatari official, who confirmed that the recently launched mental health service from Hamad Medical Corporation, in order to Support for people suffering from mental problems or psychiatric disorder, as a result of the Corona virus epidemic, has provided services to thousands of people who need support.

According to the report, Majed Al-Abdullah, Head of Mental Health Service at Hamad Medical Corporation, noted that the helpline was launched on April 8, and within three weeks since its launch, he received a large number of calls from members of the public and health care staff on the front lines, where he confirmed The medical team of mental health professionals has already provided support to more than 4,000 people.

On the one hand, the Ministry of Public Health in Qatar announced in a brief statement via its Twitter account today, Sunday, that 1189 new cases of Corona virus had been registered within 24 hours, taking the total of the infected to 22520.

The Ministry noted the registration of one death, bringing the number of deaths to 14, while 254 cases recovered, bringing the total recovered to 2,753 cases.

Yesterday, the Qatari Ministry of Health announced the registration of 1130 new cases of Coronavirus, bringing the total number of cases to 21,231 cases, and the registration of new deaths, bringing the total number of deaths to 13, according to media sources.

.

The chief physician of the White House: Ramsdevir has shown a clear effect in treating Corona patients

Anthony Fuchi, the chief physician at the White House, confirmed that Ramsdevir has shown a clear effect in treating Corona patients, according to urgent news broadcast by Sky News earlier.

The chief physician at the White House added that good results for Ebola in the treatment of corona.

Earlier, Johns Hopkins University confirmed that corona virus deaths in the United States of America exceeded the US death toll in the Vietnam War..

Corona virus infection in the United States of America exceeded the threshold of one million infections, recording 1,022,259 infections, and 57,862 thousand died so far, while 139,927 thousand recovered, according to statistics. worldometers.infoThere were 3,105,559 injuries worldwide, 214,429 deaths, and 943,542,000 recovered..

Meanwhile, the number of confirmed infections with the emerging coronavirus around the world has broken the barrier of 3 million, and nearly 80% of it in Europe and the United States, according to a statistic prepared by “Agence France Presse”, which revealed that at least 3 million, 3 thousand and 344 people around The world has been plagued by the epidemic, since it first appeared in central China last December, and 209,388 of these infected people have died from the deadly virus..

Many countries are seeking to alleviate the measures they have taken in earlier times to prevent the outbreak of the new Corona virus; some have already begun, while others have developed future plans to gradually reduce.

.

DAX outlook: mood barometer cloudy outlook

Frankfurt In the past weeks there have been repeated attempts to recover the course, on some days one could believe that the corona pandemic has already been overcome. But on Friday, disillusionment returned – the collapsed ifo business climate index made the whole dilemma clear.

The course of the mood barometer looks like a “Highway to Hell”, was the analysis of the VP Bank. The index is now significantly below the values ​​of the crisis year 2009. The simple message for the future was: “Massive income losses are imminent. We will all get poorer. This applies not only to Germany, but to all economies. ”Sometimes it is better to hear the unvarnished truth.

Other analysts and experts are also skeptical about the weekly outlook. Cautious savings by consumers and companies create a completely different economic and inflation environment than one knows from the post-war period, the analysts at MFS Investment Management believe.

They expect the earnings recovery to be weaker than the market and point to the possible dilution of earnings through capital increases. They particularly highlight 2008 as a comparison.

“When the extreme risk of the international financial crisis subsided, companies were no longer concerned with distributions, but with recapitalization. To this end, new shares were issued – at the expense of existing shareholders, whose capital was heavily diluted, ”said the investment professionals. The new wave of recapitalization has probably just started. In the past few weeks, leisure companies and service providers in the United States and Europe have already offered new shares.

Warning to bargain hunters

The BLI – Banque de Luxembourg Investments is also cautious. “The financial markets are currently giving the impression that they are underestimating the extent of the economic damage and are counting on a rapid recovery as soon as the containment measures are reversed,” is the BLI’s assessment.

Many investors are conditioned to view any decline as an opportunity to buy. However, the analysts recall that while the fall in share prices in February / March was dramatic, the valuations were also very high. As a result, the markets today are anything but cheap, especially after the recent price recovery.

Quality companies with a very solid balance sheet, one or more sustainable competitive advantages and the ability to self-finance should be preferred. The main factor that will continue to speak for stocks remains the low interest rate level and thus the lack of alternatives. At the same time, gold will become an “indispensable part of a balanced portfolio because of the inflation risks.”

After the significant recovery since mid-March, the European stock market has recently lost some momentum, the Weberbank experts believe. In addition, the balance sheet season that is already underway shows significant impacts on corporate balance sheets due to the global “lockdowns”.

Correspondingly, the analysts have also significantly lowered their profit expectations for industrial companies, but also for the banking and energy sectors. Due to the economic slump, banks faced increased write-downs on their credit books and the massive drop in yields clouded interest income. Most recently, they also negatively impacted the rating agency Standard & Poor’s (S&P).

The Deutsche Bank and the Commerzbank were therefore particularly under pressure on Friday “We continue to distance ourselves from these sectors and prefer creditworthy pharmaceuticals or companies from the non-cyclical consumption. In addition, titles from the technology sector are promising in our eyes, ”said the Weberbank experts.

Central banks meet worldwide

If the economic situation continues to be poor, the states and central banks will have to take further support measures. Robert Greil, chief strategist at Merck Finck Privatbankiers, sees an opportunity for this next week because the European Central Bank, the US Federal Reserve and the Bank of Japan are meeting.

“As a result of the unprecedented economic downturn caused by the Covid 19 consequences, all central banks will reaffirm their willingness to support,” says Greil. The economic downturn left neither governments nor central banks a choice but to take further measures to support and recover the economy.

The gross domestic product for the first quarter of 2020 will be published in the euro area on Thursday, and new growth figures will come in the US on Wednesday. Further important economic data in Germany are the preliminary inflation figures and the labor market report for April.

According to DZ Bank, the next quarter should bring an improvement in the economy, but there does not have to be a “V” or “I” recovery. This is not ignored on the stock market, many stocks are up to 80 percent down.

A large number of “mega-caps” hold up against this, mainly in the USA. Amazon, Google, Microsoft, Netflix and Facebook, but also Adobe or Comcast, be stable on the way. Things are also going well for the great values ​​of the “old economy”, including Pepsico, Johnson & Johnson, Procter & Gamble, Home depot and Pfizer. The German Leading index Dax the strategists from DZ Bank see 11,200 points by the end of the year, and the S & P-500 for US equities at 2,800. This would at least stabilize in the medium term.

More: Yield in Corona times: With which investments you can still make money

.

According to the study, this is how the infection gets into the body

How does Corona get into the body? The most likely first line of infection for the virus is now clear, according to a new study. However, according to the investigation, there are indications of a further path.

According to a study, special cells in the nose are the most likely entry points for the new coronavirus. Several teams of researchers had cells out lung, Nose, eye, intestine, heart, kidney and liver are examined, as reported by the Max Delbrück Center for Molecular Medicine (MDC) in Berlin on Thursday.

They wanted to find out which cells contain the two most important entry proteins, ACE2 and TMPRSS2, which do virus for the infection uses. “We then showed that of all cells, the mucus-producing goblet cells and cilia in the nose have the highest concentrations of these two proteins,” explained lead author Waradon Sungnak of the Wellcome Sanger Institute. “This makes these cells the most likely primary route of infection for the virus.”

Indications of a further route of infection

The Max Delbrück Center also reported that the two most important entry proteins are also found in the corneal cells of the eye and in the intestinal mucosa. This indicates a further possible route of infection via the eye or the tear glands. The MDC writes rather cautiously that there is also potential for transmission via feces and ingestion by mouth. The research teams have published their results in the journal “Nature Medicine”.

Various institutes were involved in the study, including the Wellcome Sanger Institute, the University Hospital Groningen and the University of Cote d’Azur, as well as the Human Cell Atlas Lung Biological Network.

According to the MDC message, up to 20 percent of corona patients suffer damage to the heart muscle up to heart failure. There are also docking points for that Corona virus been found. However, it is still unclear whether the virus itself causes damage to the heart or whether it is secondary effects.

Important NOTE: The information is by no means a substitute for professional advice or treatment by trained and recognized doctors. The contents of t-online.de cannot and must not be used to independently diagnose or start treatments.

.

Why India’s workers are protesting the government

Bangkok They are not supposed to leave their homes, but the women in the Indian metropolis of Amritsar have an important message: Given the curfew in their country that has been going on for a month, they are running out of food. As a sign of protest, they put empty plates and pots in the air.

Most of the women belong to migrant worker families who are unable to earn money during the lockdown. To make ends meet, they rely primarily on the support of private benefactors.

Resistance to the situation is growing nationwide in India. It mainly comes from people who have difficulty earning enough money to eat and stay at normal times – and are now particularly suffering from strict anti-corona policies. They feel let down by Prime Minister Narendra Modi and go on the barricades.

Leftist union leader Tapan Sen called for a nationwide protest against Modi’s policy last Tuesday. “We have heard enough from you,” he said to the Prime Minister. “Now listen to us!” He asked Modi.

Photos of the action, organized by Tapan’s Center of Indian Trade Unions, showed people in several cities stepping outside their homes with protest posters. “The government is idle and numb when it comes to workers’ suffering,” the union said in a statement.

Protests against the Indian government

Leftist union leader Tapan Sen called for a nationwide protest against Modi’s policy last Tuesday.

(Photo: AFP)

Since March 25, public life in India has been almost completely paralyzed. The country’s almost 1.4 billion inhabitants are only allowed to go out if they have a legitimate reason to do so – for example, buying food and medicine is allowed, and some businesses have recently been allowed to reopen. For the time being, Modi does not want to allow any more to slow the spread of the coronavirus. As of Friday, the country counted almost 25,000 cases.

Massive economic problems in the informal sector

It was clear from the start that the restrictions for the hundreds of millions of Indians working in the informal sector would lead to massive economic problems. The International Labor Organization (ILO) warned that 400 million workers in India could fall deeper into poverty due to the lack of earning opportunities.

With many reports of the low-income plight, Modi made a public apology for understanding the strict measures. But when he extended the curfew, which was originally scheduled to run for three weeks and was due to expire in mid-April, to early May, many people lost patience.

There were chaotic scenes at a train station in the financial metropolis of Mumbai: Thousands of workers, originally from other parts of the country, gathered and called for opportunities to return to their homeland. So far, these have not been granted – travel between the states is currently not permitted.

The government promises not to leave the workers alone. “We don’t want anyone to go hungry,” said Finance Minister Nirmala Sitharaman when she launched a $ 23 billion aid package to help low-income earners.

But many people in need have so far been left empty-handed. In a survey by Indian media among thousands of migrant workers, more than 90 percent said they had received no food rations – and two thirds of them had less than the equivalent of 2.50 euros.

Observers warn of the social explosives in the situation: “There are many complaints,” commented economics professor Indira Hirway, who teaches in Modi’s homeland Gujarat. She believes: “If the government doesn’t change its policies, it could lead to unrest and tremendous misery.”

More: Poverty reduction in India is facing a severe setback. Read more here.

.

Despite huge aid, economists do not anticipate inflation for the time being

inflation

Economists do not expect prices to rise in a timely manner.

(Photo: dpa)

Munich Regardless of gigantic government spending, economists do not anticipate a surge in inflation in the Corona crisis for the time being – on the contrary, falling prices. A key factor in this is the drop in oil prices, according to several economists.

“In view of the severity of the current recession and against the background of the extremely sharp drop in oil prices, consumer price inflation should be significantly lower on average in 2020 than in the previous year,” says Michael Menhart, chief economist at the world’s largest reinsurer Munich Re. “I suspect that the corona crisis will lead to deflation,” says Markus Demary, Senior Economist for Monetary Policy and Financial Markets at the Cologne Institute for Economic Research.

“In the short term, the Covid 19 crisis is likely to have a deflationary effect,” says Katharina Utermöhl, Senior Economist responsible for Europe alliance. Europe’s leading insurer expects an extremely low price increase of 0.2 percent for 2020 in the euro area, and an inflation rate of 1.6 percent for 2021. BayernLB chief economist Jürgen Michels shares his colleagues’ assessments: “In the short term, I can clearly see that the pressure on prices is going down – also because of the oil price trend.”

Not only the governments, but also the companies will be sitting on mountains of debt after the crisis. “This debt has to be reduced and the debt reduction has priority over new investments for a certain time,” says IW money market specialist Demary. “Due to the reluctance to invest, demand is lacking, causing price growth to stagnate.”

Two of several other factors that Demary names: risk aversion and presumably subdued demand for the end of the pandemic. “Companies and households are more likely not to invest, but to wait and see that the uncertainty falls.”

Mountains of debt become the sticking point

And what about the end of the crisis? That depends on the extent and pace of the subsequent recovery, as Munich Re chief economist Menhart says – “although we are currently not assuming a fundamental change in the inflation outlook and therefore expect inflation rates to be roughly pre-crisis levels.”

However, like lawyers, economists analyze a variety of factors in their assessments. Some of these factors could well lead to a return in inflation. “But as soon as the crisis is over, dealing with the accumulated mountains of debt could turn out to be a sticking point,” says Allianz economist Utermöhl.

Experience from the financial crisis had shown that the resulting debt has not been reduced in many countries. “On the contrary: global debt has reached a new record high in 2019,” says the economist. “Since there will hardly be any productivity boost in the near future, I assume that the second path will ultimately be taken” – ie inflation.

Munich Re chief economist Menhart points to another point: “However, there are risks of higher inflation especially if, with normalizing economic demand, companies are unable to restart production sufficiently quickly.”

BayernLB chief economist Michels also believes that inflation can return. “In the medium term, I see a certain risk that inflation could go up, but only when we are economically back to the level we had before the crisis.” According to Michel’s assessment, this could only be the case in 2022/23.

“We noticed in the Corona crisis that we had too few reserves for many things,” says the Munich economist. “If we have a higher level of storage again, it costs money. And if you can no longer rely on international supply chains, production may be more local, but more expensive. These two factors could drive prices up. ”

More: Fluctuations on the stock exchanges are extreme due to the Covid 19 pandemic. But there is a way out: alternative investments. The Handelsblatt presents them.

.

Lambrecht wants a voucher solution for corona cancellations that complies with European law

Berlin Despite the opposition from the EU Commission, the German government wants to maintain a voucher solution for canceled trips in the corona crisis. “The Federal Ministry of Justice and Consumer Protection has taken note of the Commission’s first assessment of the proposed voucher solution,” said a spokesman for department head Christine Lambrecht (SPD) the Handelsblatt.

“At the European level, the Federal Government will continue to point out the need for action for a uniform and practical solution and will work for a voucher solution that complies with European law, which in the current situation also takes due account of the interests of consumers.”

Because of the coronavirus crisis and the travel restrictions imposed, it would be important for many travel providers to now be able to issue vouchers for unusual vacations, instead of having to reimburse money. This would save their liquidity. The federal government has so far advocated a mandatory voucher solution. EU Justice and Consumer Commissioner Didier Reynders rejects this.

“Member States have to make sure that national decisions are in line with EU law – and that gives consumers the choice between vouchers and reimbursement of costs,” Reynders told the Frankfurter Allgemeine Zeitung.

There is some national discretion in the EU Package Travel Directive. However, the EU Commission alone is responsible for the regulation on passenger rights. Here, too, the federal government advocates that the airlines can hand over vouchers for canceled flights and should only refund the money for booked flights in exceptional cases.

Union wants travel industry bailout fund

In view of the EU reservations, Union politicians moved away from a voucher solution on Friday. “If European law leaves no scope for a mandatory voucher solution, we need other regulations,” said the legal policy spokesman for the Union parliamentary group, Jan-Marco Luczak (CDU), the Handelsblatt. “I can imagine a state-secured travel insurance fund from which the repayments will initially be financed.”

The CSU tourism politician Paul Lehrieder spoke of a “protective umbrella for the travel industry” that should be curious. “We are therefore considering setting up a travel rescue fund that protects travel companies from insolvency and at the same time guarantees consumers the reimbursement for their canceled trips.”

Lehrieder put the volume of the fund for trips booked until the end of summer at around ten billion euros. “The state would take over the full amount,” he said.

According to Luczak, the sum should not be imposed on the taxpayer. “That is why the travel industry has to gradually replenish this fund so that the money can flow back to the federal budget.” About one percent of each newly booked package tour can be paid into this fund by the tour operators.

The German Travel Association (DRV) did not want to comment on the plans of the Union politicians, but emphasized that because of the resistance in Brussels, the federal government must now immediately pass a national regulation.

“According to the DRV, this is legally possible without violating EU law,” said the lobby association of travel agencies and tour operators. DRV President Norbert Fiebig called for “direct, non-repayable grants to travel agencies and tour operators to be applied for with no red tape.”

According to the DRV, the travel industry in Germany has to cope with a revenue loss of 4.8 billion euros from mid-March to the end of April alone. 3.5 billion euros are currently flowing out of companies for customer repayments at short notice. “This leads to an unacceptable economic imbalance,” warned Fiebig. “If tour operators slip into bankruptcy in large numbers, vacationers will lose a lot of money.”

More: Read here what consumer advocates think about the voucher solution for canceled trips.

.

Voting rights advisers criticize Commerzbank’s remuneration system

Frankfurt The Commerzbank is holding a virtual general meeting for the first time this year because of the corona crisis. But even without protests from small shareholders on site, there will be no shortage of critical topics at the event on May 13.

Added to this is the criticism of Commerzbank’s remuneration system. The influential voting rights advisor Glass Lewis and his German subsidiary Ivox recommend that shareholders reject the slightly modified remuneration system for members of the Management Board in March 2020. This emerges from the recommendations of both companies for the Annual General Meeting, which are available to the Handelsblatt.

“From our point of view, there is great potential for improvement in the company’s remuneration policy,” says the Glass Lewis study. The goals on which the variable remuneration of the Board of Directors depends are too vague and too focused on the bank’s performance in the past.

Anglo-Saxon investors in particular often follow the advice of proxy advisors such as Glass Lewis and ISS at general meetings. If the Commerzbank shareholders did not endorse the remuneration system, the Supervisory Board would have to deal with it again. Germany’s second largest private bank did not want to comment on this.

Criticism of the number of positions

In his study, Ivox also speaks out against the planned election of Jutta Dönges to the Commerzbank Supervisory Board. The co-boss of the finance agency is to be elected as the new representative of the federal government to the control committee in May – together with Frank Czichowski from the KfW development bank.

Dönges and Czichowski are to replace State Secretary Markus Kerber and Anja Mikus, who heads the State Fund for Nuclear Waste Management. After Commerzbank’s rescue from the crisis, the federal government still has a good 15 percent stake in the bank – and anything but satisfied with the development of the money house in recent years. In Berlin, some have hopes that Dönges and Czichowski can give new impetus to the supervisory board.

But at least Ivox has reservations about the Dönges personnel. There are no doubts about the manager’s qualifications, according to the study based on guidelines of the BVI fund association. “However, there are concerns about the number of mandates.”

Dönges is already a member of the supervisory bodies of the FMS Wertmanagement and the Deutsche Pfandbriefbank. In addition, there is her job as managing director of the finance agency, which Ivox rates as an “executive position” like two mandates.

According to this method of counting, your work on the Commerzbank Supervisory Board would be your fifth mandate. And that would be two more mandates than Ivox recommends for people in an “executive position”. “Therefore, this election should be viewed very critically,” said the voting rights advisor.

The finance agency did not want to comment on Ivox’s criticism. However, a spokeswoman pointed out that Dönges had resigned from the supervisory board of Eurex Clearing in order to avoid conflicts of interest.

In contrast to Ivox, the parent company Glass Lewis has no objection to the choice of Dönges. Other persons familiar with the personnel also consider the appointment to be sensible, after all the financial agency manages the federal government’s participation in Commerzbank and is in close contact with the institute anyway.

Dönges is also highly valued in Berlin because it closely monitored the Commerzbank strategy review. Some also believe that Dönges’ work at FMS Wertmanagement cannot be viewed as a full supervisory mandate.

More concrete goals for 2020

The core remuneration system for Commerzbank board members has existed for several years. In March it was slightly adjusted to take account of the new requirements of the second Shareholder Rights Directive (ARUG II) and the new version of the German Corporate Governance Code. The most important innovation is that a maximum remuneration for each member of the Board of Management of six million euros per fiscal year has now been fixed.

The variable remuneration of the Management Board depends 70 percent on the achievement of the Group’s goals and 30 percent on the development of the department for which the respective Management Board member is responsible. In addition, individual goals have an impact on the amount of bonus payments.

When calculating the variable remuneration for 2019, the development of the bank and the respective department in 2017, 2018 and 2019 is taken into account. Glass Lewis criticizes this approach as backward and advocates “forward-looking” goals. However, this would have the consequence that Commerzbank could not set the bonus payments for 2019 until 2021 – and that the actual payment to the Management Board would then be postponed even further.

Voting rights advisers also take a critical view of the fact that the expectations of the Management Board are not described clearly enough. The performance goals are “only presented in a descriptive manner, but not clearly disclosed,” complains Ivox. As a result, it is not understandable for shareholders whether the goals for the Management Board are ambitious enough, emphasizes Glass Lewis.

Strictly speaking, these comments do not refer to the remuneration system, but to the remuneration report, which the Annual General Meeting does not vote on this year. Nevertheless, there are employees within Commerzbank who find this criticism justified. According to financial circles, the goals for the Executive Board in the 2020 financial year have therefore already been formulated more specifically.

It is of course another matter whether there will be any significant bonus payments in view of the Corona crisis 2020. In addition, the payment of Commerzbank management is generally rather below average compared to other institutions. In the past year, the total remuneration of the Management Board amounted to EUR 12.1 million. At the neighbourhouse Deutsche Bank the executive committee received almost three times as much despite a loss of billions.

Assistance: Jakob Blume

More: Bank President Zielke: “Must review Corona business model”

.

Economists expect the ECB to expand its emergency purchase program

According to a Bloomberg survey of economists, the European Central Bank will significantly increase the emergency pandemic bond purchase program in the coming months to support the economy. ECB President Christine Lagarde fears that the region’s gross domestic product could shrink by up to 15 percent this year.

Most of the survey participants expect the ECB to expand the scope of their pandemic buying program by September. The timing – as well as the volume of the increase – will likely be affected by how much more money governments are willing to spend. The European heads of state and government have approved a € 540 billion plan to combat the immediate consequences of the corona virus, but have not been able to agree on a longer-term reconstruction program.

Economists predict that the 750 billion euro contingency plan will be increased by another 500 billion euros. This would bring this year’s total purchases of all programs to over 1.5 trillion euros.

“The ECB has to hold the euro flag up somehow,” said Alastair Winter, economic advisor at Global Alliance Partners. It is a “message not to panic while actually panicking”.

Expectation of further monetary stimulus highlights the central role the ECB has played in trying to contain the continent’s worst economic crisis since World War II. Euro area governments have been slow and reluctant to agree on a common response. Countries like Germany and the Netherlands refuse to share the debt burden of the economically weaker south.

Banks could borrow up to € 750 billion

Survey participants do not expect the ECB to cut interest rates further below zero. The deposit rate is already at a record low of -0.5 percent, and policy makers have expressed concern that a further cut would affect credit supply.

Economists expect banks to borrow around € 750 billion in the remaining four long-term lending transactions – money that will be used to lend to businesses and households.

The Bloomberg survey was conducted ahead of the European Union summit on Thursday, at which Heads of State or Government could not agree on whether stimulus or loan funding should be provided, and asked the Commission to reach a compromise proposal by May 6 to submit.

Lagarde had told them they were in danger of acting too little and too late to mitigate the effects of the virus. According to the baseline scenario of the ECB, the euro area economy shrinks by nine percent, but in an extreme scenario, economic output could decline significantly more.

More: How controversial the ECB is about the measures taken in the corona crisis.

.