Supply chains are shutting down. Factories and offices are closing. Flights are being cancelled, conferences postponed and football and rugby games rescheduled. It remains to be seen how much of a blow the spread of the coronavirus turns into for the global economy. But one thing is now certain: it is going to lead to a sharp slowdown. And the real question now is this: how should governments and central banks respond?
The medical response is already clear. Communities are put into lockdown. The infected are quarantined. Borders are closed where necessary. And treatment centres are braced for a vast increase in the number of patients. How well it works, and how quickly, remains to be seen. But at least a plan has been put in place.
The economic response? Unfortunately that is far less clear. So far central bankers and finance ministers have said very little, apart from a few half-baked clichés about how there is nothing too much too worry about that.
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