ECB Response, Britain’s Job Market, China’s Plans: Eco Day

(Bloomberg) -- Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The European Central Bank’s response to the coronavirus has calmed markets while setting it on a path that could test its commitment to the mission to keep prices stable
• When the European Union presents its plan to rebuild its economy after the coronavirus, it’s likely to include three kinds of funding: taxpayers’ money, borrowed money and theoretical money
• The coronavirus crisis is thrusting governments on both sides of the Atlantic into a fiscal emergency along with the medical one, as the European Union and the U.S. grapple with how to assist their hardest-hit members without being dragged down by them
• Britons leaving education could face the kind of difficult job market last seen in the 1980s as they enter the workforce for the first time
• To fight the coronavirus, developing economies from Colombia to Indonesia are turning to a playbook that’s become familiar in the rich world since 2008: central banks are buying government debt
• It’s Fed rate decision day -- here’s what to expect
• China aims to build its way out of the coronavirus slump. Local governments are expected to issue up to 4 trillion yuan ($565 billion) in special bonds, to be spent on roads, airports, and railways
• The courtyard around the Grand Mosque in Mecca should be teeming with hundreds of thousands of pilgrims marking the start of Ramadan. Instead, it’s deserted: The coronavirus pandemic has hit the city where the Prophet Mohammed was born
• New Zealand’s government has temporarily extended its overdraft facility at the central bank
• Australia’s headline inflation accelerated in the first three months of the year to climb back within the central bank’s 2%-3% target, reflecting how wildfire-damage and the coronavirus shutdown impacted food prices before the pandemic sent the economy into a tailspin
• Prime Minister Narendra Modi’s government isn’t rushing to the aid of businesses in India clamoring for fiscal support as a 40-day lockdown to contain the coronavirus threatens their survival
• The International Monetary Fund approved $3.4 billion in emergency funding to Nigeria, the single biggest disbursement for any country yet with the coronavirus pandemic

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