The eurozone’s coronavirus response has been dire

A dramatic dawn cut in interest rates. A huge blast of public spending. And immediate cash help for companies that might find themselves temporarily in trouble as their customers stay at home and staff call in sick. We will find out over the next few weeks whether the British government has done enough to fight the coronavirus emergency it suddenly faces. But there can be no question it has at least done everything it can to fight the economic crisis that will surely follow.

Likewise in the United States, the Federal Reserve has already sprung a cut in interest rates on the markets and may well make another move before the end of the month. President Trump has already announced a plan to cut payroll taxes, and is working on a stimulus package. Australia’s central bank has cut rates to a record low. And China has launched wave after wave of stimulus to pull itself back from recession.