With markets already in turmoil, a dollar credit crunch now threatens the world economy. Companies dependent on international trade have seen their earnings collapse, and many will be unable to service their dollar-denominated debts. International banks are facing severe pressure.

The world has learned about the costs of delaying measures to fight a contagious virus. Likewise, the many instruments governments and central banks have to tackle the economic consequences of this health crisis also become less effective the longer policymakers dither.