The global economy is in a deep recession, which clearly overshadows the slump during the global financial crisis. A coordinated approach is needed to prevent the economy from sliding into a depression. The spread of the pandemic must be contained and at the same time the resulting economic consequences must be alleviated by a coordinated easing of fiscal and monetary policy. This is the only way to prevent a further decline in the prices of risky assets. Falling asset prices create a further burden on the economy in the short term. The funds required for the programs will lead to an increase in public debt. In order to maintain debt sustainability, the ECB's QE purchases are likely to continue in the coming years.