European stock markets have fallen around 30% compared to mid-February, their sharpest monthly decline since the start of the financial crisis in 2008, and uncertainty about the development of the outbreak in the coming weeks and months remains high. The spread of the virus is causing disruption of global supply chains, volatility in financial markets, consumer demand shocks and negative impact in key sectors like travel and tourism.
In addition to its significant social impacts and human dimension, the Coronavirus outbreak is a major economic shock to the EU, calling for a decisive coordinated economic. We must respond together to slow down the contagion, strengthen resilience of our health care systems to help those in need and for progress in research and development. The pandemic is imposing a heavy burden on individuals and societies, and putting health care systems under severe strain. While Italy is the most strongly affected, the number of cases is increasing across Member States and the situation is evolving quickly. Having spread from China, the pandemic has now provoked infections in all Member States. COVID-19, commonly known as the Coronavirus, is a severe public health emergency for citizens, societies and economies.