The IMF needs to step up over coronavirus – a coordinated economic response is vital

The heads of major economies are either wrong – take Trump saying the virus will disappear like a ‘miracle’ – or invisible, writes Phil Thornton

People wearing face masks on the London Underground (PA)

The likely decision by the International Monetary Fund and World Bank to slim down their regular spring meetings in Washington in April – or make them virtual – over the threat of the coronavirus outbreak is both a common-sense move and terrible news at the same time.

Sensible because the meetings involve almost 5,000 delegates and observers from 189 countries converging on a tightly packed two-block corner of the US capital that could inadvertently contribute to the spread of the virus.

Regrettable because this is the one occasion where finance ministers and central bank governors from all states, both big and small and rich and poor, can exchange views and formulate policies for the two premier financial watchdogs to share among members. This dilemma sums up the challenge the coronavirus poses for economic policymakers.