The former Europe Director at the Interational Monetary Fund, Ajai Chopra, has said the coronavirus is having a much deeper impact on economies than the 2008/2010 financial crisis.
Ajai Chopra said there may need to be a "standstill on private debt repayments" and that more co-operation between countries will be needed.
He was speaking at an online seminar hosted by the Institute for International and European Affairs today. Former Central Bank governor Patrick Honohan, speaking at the same event, said policymakers must avoid mistakes made during the last crisis when the scale of the threat to economies was initially underestimated.