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.
2008年的回聲正變得震耳欲聾。上週末，在新型冠狀病毒肺炎疫情對經濟造成破壞的基礎上，油價戰作爲第二次衝擊來襲。隨著金融市場的暴跌使財富化爲泡影，放大對經濟的破壞，第三次衝擊將接踵而至。避險債券收益率跌至歷史低位，顯示出投資者對全球成長前景有多麼悲觀。然而，雖然市場下跌的規模與12年前相似，如今卻缺乏——但也仍舊十分需要——全球協調一致的政策應對。