But was the dramatic announcement enough?

“The E.C.B.’s action yesterday was important,” but it may not be sufficient if the eurozone is facing perhaps a 10 percent drop in growth, said Mujtaba Rahman, who leads the Europe practice at the Eurasia Group, a consulting firm.

“European Union leaders are not off the hook and will need to keep thinking creatively about collective measures they can take to help member states,” he added.

The 27 countries in the European Union have collectively deployed more than 200 billion euros (about $219 billion) to finance a raft of measures, like cutting taxes and extending unemployment benefits. That figure already seems set to grow.

The European Union has identified more than €70 billion in funding that it can quickly funnel to countries and companies that urgently need it. And the European Central Bank’s €750 billion bond-buying program will make it easier for even the worst-hit countries to borrow money.

But as the pandemic accelerates through the continent, sending weakened economies toward recession, European policymakers still have some additional tools they can deploy.