The effects of the recent COVID-19 pandemic have been expansive and detrimental to nations everywhere. The European Union has experienced a multitude of historic economic and humanitarian repercussions. The mitigation of this economic as well as financial fallout comes greatly from the European Central Bank as well as the Federal Reserve. The goal of those two institutions is to prevent a financial crisis as well as any further financial disorder by stabilizing volatility as well as working to reduce market liquidity within the European Union.
Isabel Schnabel, member of the executive board of the European Central Bank, discussed the pandemic emergency purchase program. This program will allow the purchase of “€750 billion of eligible private and public securities” (European Central Bank, 2020) for the upcoming year and will be adjusted for additional years if needed.
Supply chains and migrant workforces are being affected by the pandemic. Spain is the largest exporter of fruits and vegetables to the EU with 40% of fruit exports and 17% of vegetable exports. When the supply chain of such a large and prevalent supplier becomes disrupted it causes a chain reaction and bottlenecks in the supply processes down the line.
The use of technology within the financial realm has also seen a rapid increase in usage due to the COVID-19 pandemic. Research published by the deVere Group shows that shows that Europe has experienced a “massive 72% bounce in fintech app usage as part of a fundamental adaptation to life on lockdown” according to an article by Simon Chandler in Forbes magazine. This growth comes in accordance to the rise in usage with digital technology and consumerism. People are finding new and alternative ways to obtain financial data and management while spending time sheltered in place.
Global payroll is one part of operations that can be simplified with technology – using a cloud-based platform allows your payroll team to ensure employees around the world are paid on time and accurately. It also ensures compliance with in-country regulations, changes related to COVID-19, and any leave-related policies that could affect payroll. Making sure your technology can manage operations remotely is a key to staying ahead during the COVID-19 crisis. To learn more about simplifying your payroll and operations, click here
This article was written by Jake Bowman, Blue Marble Sales