G7 nations vow to use 'all appropriate policy tools' to prevent the coronavirus crisis from damaging the global economy
Traders work on the floor of the New York Stock Exchange on March 2, 2020 in New York City. Stocks were up slightly in morning trading following a week that saw a massive sell off due to fears over the coronavirus.
Central bankers from the world's most advanced economies — Britain, Canada, France, Germany, Italy, Japan and the United States — will also ensure "price stability and economic growth while maintaining the resilience of the financial system," it said. Neil Wilson, chief markets analyst at Markets.com, said that despite the G7's pledge to cooperate, "we have no real coordination and no real action."
Even before the G7's conference call, officials had been trying to reassure investors that they stand ready to cushion shocks to markets or to the wider economy. The International Monetary Fund and World Bank also issued a joint statement on Monday pledging to help countries deal with the fallout from the epidemic.
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