Financial and business news from Bulgaria

Because of the coronavirus: Working at the European Central Bank at work from home

The European Central Bank (ECB) said it had requested about 3,700 of its employees tomorrow to work remotely from their homes to test its emergency action plan in the event of quarantine over the coronavirus, Reuters and France Press reported.
The test will allow to identify possible problems that would arise if the spread of the new coronavirus necessitates the need for some ECB staff or all its staff to work remotely for a long time.

The measure will test the computer infrastructure. The decision was taken for preventive reasons, a spokesman for the institution specified.

Access to the building will not be prohibited, but the ECB expects a large majority of its employees to take part in the test. It also applies to more sensitive operations such as those in the stock room and to employees responsible for European payment systems, BTA added.

The ECB cancelled most of its public events for the upcoming month, but indicated that the Monetary Policy Committee would meet on Thursday on the issue of interest rates. On Thursday, the institution is also expected to announce new incentives to support the economy to address the effects of the coronavirus such as travel restrictions, stock exchanges declines and declines in confidence.

The bank is under pressure because of the Covid-19 outbreak, due to which the US Federal Reserve Management (UDF) lowered its rates by half a percentage point on Tuesday. /

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