In recent weeks, we have observed incredible efforts to combat the coronavirus pandemic – medically
through the response of healthcare professionals, scientifically through the efforts being made to counter the virus, and politically through the efforts to delay, contain, research and mitigate.
Through those various efforts the coming together of people and societies, recognising collective responsibility, has been heartwarming.
In this recent paper, which you can download below, we consider how we can collectively combat the economic impacts. The stimulus measures that have been announced are simply incredible, they are war-time in nature and scale, and show significant innovation on the part of governments. However, our collective imperative now is to ensure that stimulus is transmitted successfully, and quickly, to the real economy. This paper is designed to explore how governments, authorities, banks and business leaders can think about doing just that.
As we move into what is expected to be the surge phase of the pandemic in Ireland, radical policy options are being considered and indeed implemented globally. As we found out during 2008 we will need to make brave decisions locally that may well be questioned for many years to come.
While predominantly focused on the UK measures, this document provides a useful summary of what we will need to do together to keep the Irish economy going through the next number of months. The stimulus measures announced by the Irish Government to date will need significant ramping up as this protracted situation evolves.
Tough decisions are being required in how we manage the scarce resource that is our health system but we also need to make sure that we manage our economy with purpose and learning the lessons of the past.
Cormac Murphy, Head of Banking & Capital Markets
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