Banks and governments across Europe have ramped up efforts to tackle the coronavirus outbreak, with the UK government the latest pledge to do 'whatever it takes' to protect individuals and businesses.

UK Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging a government-backed loan package totalled of £330 billion and guaranteeing loans “to get through this”.

The loans amount to the equivalent to 15 per cent of GDP, allowing any business access to the biggest UK government rescue plan since the 2008 financial crisis.

Following a meeting of the European Central Bank, Governor Holzmann states "The Governing Council was unanimous in its analysis that in addition to the measures it decided on 12 March 2020, the ECB will continue to monitor closely the consequences for the economy of the spreading coronavirus and that the ECB stands ready to adjust all of its measures, as appropriate, should this be needed to safeguard liquidity conditions in the banking system and to ensure the smooth transmission of its monetary policy in all jurisdictions."

Germany has now closed its border and France has initiated a government-mandated lockdown with curfews and severely restricted movement for citizens

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