With much of Europe in lockdown amid the coronavirus outbreak, economic activity has come to a near standstill and markets have been in a tailspin, foreshadowing a deep recession on par with the 2008 global financial crisis and raising questions about the euro zone’s cohesion at times of stress

“This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” ADB President Masatsugu Asakawa said.

“With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible.”

“We have never lived through anything like this,” Spain’s Prime Minister Pedro Sanchez told a parliament chamber nearly empty with more than 90% of lawmakers staying away and a masked and gloved cleaner wiping handrails between speeches.

There was particular alarm in Italy, which has experienced an unusually high death rate – 2,503 from 31,506 cases – and was calling on student and retired doctors to help an overwhelmed health service.

Nearly every stock market in Asia was down and circuit breakers were hit in Seoul, Jakarta and Manila. Traders reported huge strains in bond markets as distressed funds sold any liquid asset to cover losses in stocks and redemptions from investors.