The echoes of 2008 are becoming deafening. The past weekend delivered a second shock — an oil price war— on top of the economic disruption of the coronavirus. A third jolt will follow, as the sharp falls in financial markets destroy wealth and magnify the damage to the economy. The declines in safe bond yields to historic lows show just how pessimistic investors have become about the outlook for global growth. Yet while the scale of the falls in markets is similar to 12 years ago, what is lacking — but still much needed today — is a co-ordinated global policy response.
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