In article for Kathimerini, Lagarde outlines ECB response to coronavirus emergency

The coronavirus pandemic is a collective public health emergency unprecedented in recent history. It is an unbearable human tragedy played out across the world and our thanks go to the dedicated health workers on the frontline of our health systems. It is also an extreme economic shock that requires an ambitious, coordinated and urgent policy reaction on all fronts to support people and firms at risk.

Unlike in 2008-9, the shock we are facing is universal: it is common both across countries and across all sections of society. Everyone has to scale back their daily activities, and therefore their spending, for as long as the containment measures last. Essentially, for a temporary period, a large part of the economy is being switched off. 

As a result, economic activity across the euro area will decline considerably. Public policies cannot prevent this. What they can do...