saying it will release a batch of cheap loans to help member states deal with the coronavirus and that it will expand its bond buying program both moves intended to stabilize jittery markets and aid small businesses e.c.b. also says it will ease capital requirements for banks in the e.u. to improve liquidity but the governing council led by new president christine that god lift interest rates unchanged divergent from central banks in the u.s. and u.k. deposit rate was already at a break although of mine is point 5 percent. well let's have a listen into what god had to say together with the substantial monetary policy stimulus already in place these measures will support liquidity and funding conditions for households businesses and banks and will help to preserve the smooth provision of credit to the real economy let's go over to frankfurt where chelsea delaney is standing by for us our financial correspondent chelsea tell me

about the condit on exchanges it does not look like a good day now of the markets or are the really taking a beating before the e.c.v. decision and this really just it was a surprise and a big disappointment for investors they had pretty much across the board been expecting a cut and and the main interest rate and the e.c.b. did not do that so we're obviously seeing i shake out in the market right now but there had already really a lot of a lot of anxiety coming into this especially after the announcement of the travel ban on on europe last night so stocks that are really really have been under a lot of pressure and this disappointment it's certainly not helping tell me why why why why has the e.c.b. not cut rates. well we're going to hear more about that in the press

conference likely from christine lagarde but. there is there is only so much that an interest rate cut could do and there are a lot of downsides for the e.c.b. right now the unlike the federal reserve it's already having interest rates in negative territory and there's a lot of risks that could come with taking rates even further into negative territory this would put a lot of pressure on banks who just can't make money off of lending when rates are that low so i think the what what the e.c.v. is doing is trying to get liquidity to the market trying to get liquidity to businesses but they're trying to do it and a more targeted way so through it through cheap loans and things like that but obviously investors not particularly happy about that and that's one reason why we have we've seen this massive sell off in stocks the dax was down about one point more than 8 percent it's come back a little bit but. i think i think investors are just really you know trying to see

what what central banks can really do in a situation like this tell me more about that i can understand where investors are coming from the e.c.b. itself has very little leeway less than the u.s. fed but central banks in general i mean they're not used to fighting off the flu. no and i think that's you know one of the one of the big challenges here is that this is not a financial driven problem this is a public health crisis and the problems that we're seeing in the economy are things like supply chain disruptions or people you know being quarantined stores having to close businesses closing and now travel disruptions those are not problems that a central bank can really solve on their own what they can do is try and keep businesses from going under and trying to keep consumers from completely shutting down and stopping spending and things like that so they can sort of bridge the gap

between you know now and their recovery but they certainly can't solve this problem and there's also as we sort of come up against the the limits of monetary policy there's obviously a lot more focus on fiscal policy as well and we have seen a lot of governments coming out and providing support for consumers but there's also only sees me so much they can do on that end as well can the e.c.b. really bridge the gap i mean we're talking about so many businesses that are facing bankruptcy we're talking about the travel industry tourism hotels clubs here in berlin that is saying they may go bankrupt we got so many small businesses across asia the dependent on central bank action in the u.s. as well and here in europe the situation isn't any different. right

and i think that's one of the main concerns of the e.c.b. right now is to make sure that the policy that they're choosing is not only going to support that they get that big players corporations companies that have much easier access to credit but to really target some of these measures that are small and medium sized businesses but that's really also going to be on the fiscal side as well governments have to take responsibility for that as well i can still see the lady the the big guys and the small guys have to be taken into account thank you very much for your analysis from frankfurt. china is reporting single digit cases of the coronavirus in who bay for the 1st time today that's from just a few weeks ago it indicates tough containment measures have dramatically slowed the spread of the virus and the epicenter of the outbreak that is officials have allowed industrial production to resume in parts of the province as china tries to

put seats they call me back to life. so china says the peak has passed beijing is relaxing travel restrictions on encouraging businesses to gradually reopen but investors convinced as the spread continues globally asian indexes kept falling thursday the shanghai composite the bank saying in hong kong the same story in australia as well although its central bank also came out or its government rather came out with stimulus measures investors failing to get excited about that european investors equally unconvinced that the e.c.b. would help stem the economic damage in the e.u. london's footsie and germany's dax both down considerably mid-afternoon. well brussels is the back of washington's travel ban or most europeans entering the united states in your fish will say it came without any consultation the airline industry is already reeling from a crisis as i pointed out bookings of bunged travel shows to. the global aviation

industry has been shaken up dramatically by the corona virus outbreak. empty plans travel bans and forced flight cancellations have become the new normal that has already made things difficult for airlines on wednesday night a fresh blow. to keep new cases from entering our sure's we will be suspending all travel from europe to the united states for the next 30 days the new rules will go into effect friday at midnight. the ban has several exceptions it does not apply to u.s. citizens permanent residents or immediate relatives of citizens ireland and the u.k. are also exempt as are other countries outside the european schengen passport free travel area. and although donald trump suggested otherwise the white house has clarified that cargo flights will not be affected. nonetheless the move will have

a huge impact on european and u.s. airlines that regularly cross the atlantic ocean. nearly 40 airlines operate around $560.00 passenger flights daily in both directions that equates to nearly $17000.00 flights and $4800000.00 seats in a 30 day period among the european airlines most affected will be lost tons of air france and care lamb u.s. airlines such as delta and united will also suffer last week the international air transport association said the global industry could lose over $100000000000.00 as a result of the coronavirus pandemic. given what has happened since that now seems like a very conservative estimate. a quick look at how the spread of the virus is having an effect elsewhere china's aviation regulator says the total number of passengers carried by chinese airlines fell $84.00 and a half months compared to

a year ago it was ordered a total loss of every of almost $3000000000.00 euros and portugal's hotels could lose up to half their revenues through june into coronavirus cancellations portugal is heavily reliant on tourism and estimates of the loss of over $800000000.00. outside of china italy is hardest hit by the virus rowe has put 60000000 people on lockdown ordering the closure of all shops and restaurants except pharmacies and food stores the country's famous fashion industry is also vulnerable. the fashion capital in the run is usually a lively bustling city. to mentis in what is equal and it's good we have fewer people walking around for now but it does put major constraints on businesses shops are open but there are no customers and staff have to be paid anyway. being so i have my business here and i don't have any kind of reserves so i'm really

feeling the economic impact seem to really impact the economy. with an annual turnover of 90000000000 euro's fashion is one of italy's most important industries and it's one that's traditionally done well in times of crisis but even italian luxury boutiques overseas have suffered in light of the pandemic the italian government has announced a national aid package to help offset the virus's affects to be a pain a daily bit of special resources to the sum of 25000000000 euros aware of the difficulties that the country faces during this emergency situation. they live difficult to get basic stuff. some of jeanson. italy's fashion industry employs more than 400000 people the country makes over a 3rd of its luxury goods sales in china but right now there's very little demand for a high end fashion anywhere. iran has asked the international monetary fund for

a loan to help fund health the epidemic tehran says it needs the money to shore up its medical system and treat the estimated 10000 patients infected with the virus if the $5000000000.00 loan is granted it will be the 1st time iran has received assistance from the i.m.f. in over 50 years. and just updating you on the dow industrials plunging back to 9 percent as trading got underway on wall street it is not a good day to be an investor in business way.

how's it feel of the world. where i come from the oh is that clear to cisco it's just like this chinese food doesn't matter where i am suppose it was reminds me of home after decades of living in germany china's food is one of the things i miss the most but that taking a step back i see stage a little differently now. benefits 1st as an articulation that exists the other part of the laws haven't been implemented in china that's because i'm not a chinese people wondering if they're for to save lives but if i have a right to learn all that is this is the job of just under the my how i see it and that's why i love my job because i tried to do exactly this hour a day. by the name of the uninsured and i wore that added up to. 2 every journey begins with the 1st step

and every language the 1st word i'm looking into the coaxing germany to. post why not a misspelling. who suffers in simple online on your mobile and free. t.w. zealand in course. german maybe.

this is good news live from the u.s. fans nearly all traveled from europe to fight the spread of corona virus president trumps blames new u.s. infections on european in action affairs over the virus of sides global stock markets into freefall also on the program. political service is in the europe's outbreak at the center italy's struggle to deal with the spiraling number of virus patients will find out how the italian health care system is coping. and officials like jim been picked.