16:40

Wall Street’s tumble came as European finance ministers pledged to do “whatever it takes” to stem the economic damage of coronavirus on European economies and ensure a rapid recovery.

After a conference call of around four and a half hours, the 27 ministers issued a statement promising “a strong determination to do whatever it takes” - probably a deliberate echo of the former European Central Bank chief Mario Draghi’s 2012 pledge to preserve the single currency, which proved a turning point in the eurozone crisis.



But the absence of a far-reaching EU-wide stimulus plan is likely to disappoint centrist, socialist and green politicians, who had called for such a sweeping response to boost the economy as the world faces a far-reaching slowdown.



Mário Centeno, president of the 19-country Eurozone, said ministers stood ready to take further action as the crisis evolved.

