Days after warning European Union leaders that the novel coronavirus outbreak could create a situation mirroring the 2008 financial collapse, European Central Bank President Christine Lagarde demanded an immediate economic stimulus to jump-start the struggling economies of Europe.

In a Thursday address following a meeting of the Governing Council of the European Central Bank to discuss measures to address the coronavirus, Lagarde warned of a “major shock” to global economic strength and said an “ambitious and coordinated fiscal policy response is required to support businesses and workers at risk.”