The Fear Is G-7 Cannot Match the Crisis Response of the Past
- Trump had to be persuaded into holding emergency call Monday
- European leaders not optimistic about outcome to calm markets
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U.S. President Donald Trump, as the host of the Group of Seven, was nudged by European leaders before he agreed to hold an emergency conference call to tackle the spiraling threat of the coronavirus. That does not bode well for the outcome with investors already asking whether policy makers have the tools to stop an economic meltdown.
European markets tumbled on Monday despite an emergency rate cut from the Federal Reserve as the damage to activity comes into focus. The STOXX Europe 600 fell more than 5% to its lowest level since 2013.