Governments and central banks are injecting eye-popping sums into markets and applying emergency policy remedies as they try to salve the impact of the coronavirus pandemic on the global economy.
The pandemic which has upended all normal life has seen markets crash as world growth faces its biggest crisis since 2008, and so far investors have largely shrugged off the stimulus efforts as the outbreak engulfs the West.
However, stocks in Europe and the US stabilised on Thursday following new initiative from the European Central Bank, which has faced criticism for not acting more aggressively so far, and another intervention by the Bank of England.
AFP surveys responses by major economies as the coronavirus has spread from China to infect the rest of the world, enforcing national lockdowns and crippling businesses.
After China, Europe is now the epicentre of the COVID-19 coronavirus outbreak and governments have scrambled to open the spending taps while also closing their borders.
The ECB announced late on Wednesday a surprise $820-billion scheme to buy government and corporate bonds, boosting funds in the system so as to help contain the economic damage from the virus.
The eurozone bank is reviving crisis-era measures to encourage bank lending to companies, but caused some disquiet last week by keeping its borrowing rates on hold.
Meanwhile the Bank of England cut Thursday its main interest rate to a record-low 0.1 percent from 0.25 percent, only eight days after having chopped the interest rate from 0.50 percent. It also plans to buy an additional $235 billion in government and corporate debt.
European governments have stepped up with their own plans, with Chancellor Angela Merkel warning Wednesday that Germany faces its biggest test since World War II.
Berlin has unveiled 550 billion euros in government-backed loans "for starters", and suspended legal obligations for firms facing acute liquidity problems to file for bankruptcy.
Britain its providing 330 billion pounds of government-backed loans to businesses, while France will guarantee 300 billion euros in loans to firms and has announced a separate aid package worth 45 billion euros to help businesses and employees cope.
In hardest-hit Italy, the government has promised to deliver a "very strong injection of liquidity" into the financial system to generate 340 billion euros in cash flows.
Spain plans to guarantee up to 100 billion euros in corporate loans.
Switzerland's central bank said Thursday it would intervene more strongly to stabilise its franc, while Norway is also considering intervention as the krone plunges.
Russia is using its foreign currency reserves to prop up the ruble and is also compensating oil producers directly when oil prices fall below $25 per barrel, as they did on Wednesday.