发达国家一起降息
（7）In rich countries, most of the economic effort has been directed towards calming financial markets. On March 3rd America's Federal Reserve cut rates a fortnight before its monetary-policy meeting, and by an unusually large half-a-percentage point. The central banks of Australia, Canada and Indonesia have also acted. The Bank of England and the European Central Bank are both expected to loosen policy, too.
在发达国家，绝大部分促进经济的措施已经指向有利于安抚金融市场。在3月3日，美联储在其货币政策会议前两周削减了利率，罕见的一次性降低了0.5个百分点。澳大利亚，加拿大和印度尼西亚的中央银行也都纷纷行动起来。英格兰银行和欧洲央行也极有可能放松政策。
钱不能修复供应链，也不能让人们冒险出门
(8)Yet this slowdown is not a textbook downturn. Lower rates will ease borrowing costs and shore up sentiment, but no amount of cheap credit can stop people falling ill. Monetary policy cannot repair broken supply chains or tempt anxious people into venturing out. These obvious limitations help explain why stockmarkets failed to revive after the Fed's cut.
然而，这次衰退并非一次教书式的衰退。较低的利率可以减少借贷的成本和提振情绪，不过再廉价的贷款也不可能让人不生病。货币政策并不能修复供应链，或者诱惑焦虑的人们冒险出门。这些明显的局限帮助解释了为什么美联储大幅降息之后，股市仍然复活失败。
支持经济才是更好的办法
(9)Better to support the economy directly, by helping affected people and firms pay bills and borrow money if they need it. For individuals, the priority should be paying for health care and providing paid sick leave. The Trump administration is considering paying some hospital bills for those with the virus. Japan's government will cover the wages of parents who stay at home to care for children or sick relatives; Singapore's will help cab drivers and bosses whose employees are struck down. More such ideas will be needed.
更好的办法是直接支持经济，帮助受影响的人们和公司支付账单。如果他们需要的话，可以提供贷款。对于个人，优先考虑的应该是治疗费用和提供病假工资。特朗普政府正在考虑为那些感染病毒的人支付一部分医院账单。日本政府将留在家里照顾小孩或生病亲属的父母发工资；新加坡将帮助计程车司机和有员工病倒的老板。这一类的政策真是越多越好。