Matolcsy: We are still in 1940, not in 1942

English2020. ápr 22.GOVERNOR MATOLCSY100WORDS

Robert Armstrong rightly points at the lack of institutional structures in the present answers of the US government to the coronavirus pandemic /FT, 16 April 2020/.

Nevertheless, we are still in 1940, not in 1942, when President Roosevelt proclaimed “the overwhelming superiority of armament”.

In the run-up to the US general elections the President enjoys all the financial elements of a rapid and huge economic upsurge after the first wave of the pandemic. Low interest rates, record low oil prices and a skyrocketing budget deficit turbocharging the American economy might help him to win.

After a joyful recovery in 2021, we will arrive at Roosevelt’s moment in 2022. New institutional structures will come in the right time.

Re “How to answer government’s crisis call”

Governor Matolcsy, MNB, the Central Bank of Hungary

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