FRANKFURT (March 3): European Central Bank President Christine Lagarde belatedly joined the crowd of leading central bankers pledging to take action if needed against the economic damage from the 2019 novel coronavirus (Covid-19) outbreak.

In a statement late Monday, Lagarde said the outbreak is a “fast-developing situation, which creates risks for the economic outlook and the functioning of financial markets.” That echoes communications by the U.S. Federal Reserve on Friday, and the Bank of Japan and Bank of England on Monday.