Covid-19: Urgent action needed to halt economic contagion

With markets in turmoil and sectors feeling the squeeze, stimulus is needed. The ECB may not be in a position to provide it, so that means more state spending

9th March, 2020
Covid-19: Urgent action needed to halt economic contagion
Inbound passengers’ suitcases are inspected at Shanghai Pudong International Airport today. The economy in the first quarter is likely to slow down completely, if not contract. Picture: Yin Liqin/China News Service via Getty Images

Today’s stock market panic, oil price collapse, tightening of bond yields and all-round sense of financial turmoil recalls the worst days of the 2008 crisis. In fact, to get a sense of how severe the fall in crude oil has been, you would need to go back almost 30 years to the first Gulf War.

The impact of the spread of Covid-19 from Asia to Europe and America is beginning to hit home. This is...

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