CNBC Europe

The European Union could face a financial crisis similar to the global crash of 2008 if governments don't coordinate to tackle the coronavirus, the ECB President Christine Lagarde has reportedly said.

Dr. Amy Compton-Phillips said doctors, nurses and other other front-line workers are all saying, "This is coming. It's not if, it's when. And we better get ready now."

The WHO has yet to classify the virus as a pandemic, but officials have warned that the threat of a pandemic is "very real."

Attention now turns to the European Central Bank (ECB) in what will be the first big test for its president, Christine Lagarde.

The U.K. public body, the Office for Budget Responsibility, called it the largest budget giveaway since 1992.

The U.S. House of Representatives Oversight and Reform Committee is holding a hearing Wednesday on the country's preparedness and response to the coronavirus outbreak that has swept across the nation.

Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.

The central bank has also announced a new term-funding scheme to support small and medium-sized companies.

Upcoming trade negotiations between the U.S. and the U.K. are raising concerns over a relaxation of food standards in Britain.

Health and Human Services Secretary Alex Azar provided an update on the Trump administration's response to the coronavirus outbreak.

European airlines have been running near-empty flights in order to retain valuable airport slots, drawing criticism from climate activists.

Gridserve says the British forecourt will open this summer and use "superchargers".

Russia has refused to rule out talks with OPEC to stabilize energy markets, according to reports.

A range of banks and financial institutions have offered their worst-case scenarios for 2020, as the spread of the new coronavirus impacts the global economy and roils financial markets.

Italian Prime Minister Giuseppe Conte told his entire nation to "stay at home" on Monday evening as the country experiences the second highest number of coronavirus cases in the world.

"Now that the virus has a foothold in so many countries, the threat of a pandemic has become very real," WHO Director-General Dr. Tedros Adhanom Ghebreyesus told reporters on a conference call Monday.

It comes after OPEC and non-OPEC allies, sometimes referred to as OPEC+, failed to agree on the terms of deeper supply cuts late last week.

Epidemics have emerged in countries across the world, notably in Iran, Italy, and South Korea, where the number of cases and the death toll are rapidly increasing.

The way factories operate is changing thanks to new advances in tech.