SEOUL - Australia and South Korea on Sunday called for meetings of leaders and finance chiefs from the world's top industrial and emerging nations as the coronavirus outbreak triggers panic in global markets.
"The Prime Minister and I agreed last night that an even more urgent meeting that would be needed would be a further meeting of the G-20 finance ministers and central bank governors," Mr Morrison told reporters in Sydney. "We want to be assured through our cooperation - as occurred through the GFC among that G-20 group - that we can make sure that there is no further damage or undermining of financial markets and the central bank governors and financial ministers are in best place to do that."
Leaders from the Group of Seven have already signalled they would hold a video conference on the coronavirus early next week.The moves come amid market panic and daily signs the global economy is powering down as countries enforce new restrictions on travel and movement. Signs of illiquidity also emerged across global credit markets and the US$17 trillion US government-bond market, while the dollar staged its biggest jump in 12 years.