It's beginning to feel like 2008 all over again, with financial markets in free fall and economies collapsing.

Like epidemiologists, financial policy makers not known for their spontaneity

are struggling to get ahead of the curve with emergency measures to stem the crisis.

But might they in fact be provoking just the panic they're trying to avoid.

Hello, you're listening to Money Talks on Economist Radio. I'm Simon Long, an editor at The Economist.

America's Federal Reserve has cut interest rates to close to zero as part of drastic measures to soften the blow of COVID-19, but what more

can Central Bankers do, and why some companies are responding by clinging to cash. Plus it's not just people that governments want to stay at home,

they're stopping companies exporting medical supplies.

Why that may not be a good idea.

Around the world, the reality of the COVID-19 outbreak is beginning to sink in.

There are now over 180,000 cases globally and has been the cause of a torrid few weeks in the

stock markets with jaw-dropping falls.

In response, Central Banks have stepped in.

America's Federal Reserve on the 15th of March cut interest rates by a full percentage point

to a range of between 0 and 0.25 percent. That's as low as it has ever gone.

And it was the Fed's second emergency cut outside a scheduled meeting in less than

a fortnight. But despite this, on Monday, the S&P 500 plunged by 12% its biggest one day fall since Black Monday in October

1987. Now the Fed has ramped up its efforts, announcing an emergency lending program to try to keep credit flowing.

But is it enough? And what more can central banks do?

Patrick Fowles is the economist's business affairs editor and Alice Fullwood is our American finance correspondent.

Patrick Alice, hello.

Hi Simon.

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