Daily Memo: Wuhan Opens Up

European mitigation. As Europe struggles against the coronavirus outbreak, its institutions are scrambling for solutions to limit economic and political fallout. Today, the European Union will hold an “orientation debate” via videoconference about how the bloc should ease out of quarantines and relax public restrictions. The debate comes after Denmark and Austria announced yesterday that they would begin lifting their nationwide lockdowns. Last night, a videoconference of 19 EU finance ministers grew heated when a feud erupted between the Netherlands and Italy over debt issuance and eurozone credit conditions. The meeting ran late into the night. The European Central Bank has announced that it will ease collateral requirements to boost bank lending and keep cash flowing through financial systems across the euro area. The ECB clarified that these “unprecedented” measures were temporary – only lasting as long as the pandemic – but did not specify a deadline. The European Union is also looking beyond Europe for its crisis management plans. Today, EU Commission President Ursula von der Leyen announced the bloc would donate $15 billion to aid developing countries with weakened healthcare and financial systems as they tackle the medical and economic effects of the pandemic. Von der Leyen did […]