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The way Asian states including China have dealt with the coronavirus has put Europe and the US in the shade — now they should lead the international financial fightback.

The European Investment Bank, the European Stability Mechanism and a new unemployment fund are set to play a part in EU finance minsters’ response to the coronavirus crisis. Coronabonds are likely to be mentioned at their meeting on Tuesday evening, but any concrete plans for mutualised debt look to be elusive at this stage.

Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.

More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.

Robert Ritchie is joining Wells Fargo as head of banking and capital markets for Europe, the Middle East and Africa.

Italy is set to announce a new decree law that would allow banks to use public guarantees to cover 90%-100% of their lending.

Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis.

The European Mortgage Federation and European Covered Bond Council (EMF-ECBC) has established a task force to address the economic impact of the Covid-19 pandemic. The initiative emerges at the same time as the European Banking Authority’s publication of guidelines on the treatment of debt moratoria.

The Single Resolution Board has said it will offer banks some flexibility around their regulatory reporting deadlines, easing the operational strain on the sector during the coronavirus pandemic. But European banks are looking more clarity on certain elements related to the minimum requirement for own funds and eligible liabilities.

Debt relief, restructuring and trillions of dollars of official institution funding are all speeding down the tracks towards emerging markets, as the number of countries with desperate financing needs across the world rapidly stacks up. Ross Lancaster, Burhan Khadbai, Mariam Meskin, Phil Thornton and Oliver West report.

Those pleading for a shared EU-level fiscal response to the economic damage of the coronavirus outbreak were thrown a bone on Thursday when Ursula von der Leyen, president of the European Commission, promised a €100bn unemployment fund backed by €25bn from EU member states. But her silence on the prospect of further debt mutualisation spoke volumes to market participants.

Mizuho Bank said it had hired former Lloyds banker John Feeney as head of its European corporate finance department, responsible for growing European corporate banking.