Posted: Mar 19, 2023 2:29 PM EDT | Last Updated: 27 minutes ago
Soon after the announcement late on Sunday, the U.S. Federal Reserve, European Central Bank and other major central banks came out with statements to reassure markets that have been walloped by a banking crisis that started with the collapse of two regional U.S. banks earlier this month. In a global response not seen since the height of the pandemic, the Fed said it had joined with central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to enhance market liquidity. The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm.
Two U.S. banks collapsed in less than a week, while in Europe, Credit Suisse teetered on the brink of failure before Switzerland's central bank stepped in with a loan. Are there implications for Canada’s banking sector? Matt Galloway talks to Eric Reguly, European bureau chief for The Globe and Mail; and Kenneth Rogoff, a professor of economics at Harvard University and former chief economist of the International Monetary Fund.
On Sunday, First Republic saw its credit ratings downgraded deeper into junk status by S&P Global, which said the deposit infusion may not solve its liquidity problems.
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