(Bloomberg)

It’s difficult to overstate how bleak things are. Italy became the first democratic country since World War II to go into a simultaneous quarantine and nation-wide curfew, as its hospitals are overwhelmed by the sheer number of people in need of intensive care. Doctors say they’re forced to triage patients, sometimes determining who lives and who dies. Here’s what may be coming to a European city near you. Top that with financial markets which seem to be pricing in an Armageddon after an oil war was added to the series of unfortunate events pushing the world into a recession. European leaders will hold a call today to discuss their response, while finance ministers will be presented with a menu of options on Monday to deal with the evolving crisis, Commissioner Paolo Gentiloni told us. They had better be convincing.

What’s Happening

German Pressure | Anyone expecting Germany to ride to the rescue of Europe’s economy will have to be patient. Increasing global pressure and 1,000 coronavirus cases there — including the first two deaths — still weren’t enough to convince politicians to unleash a major stimulus to protect growth, and that reticence may endure.

Industrial Plans | The EU will unveil its latest industrial strategy today as it seeks to better nurture businesses and help them weather digital and climate transitions. For all the talk of fostering national champions, though, the focus will be on taking down barriers within the single market and helping industry adapt to the future.

Slow Justice | Intel’s efforts since 2009 to overturn a 1.06 billion-euro antitrust fine show how long it can take to get legal certainty. Almost eight years after first hearing lawyers’ arguments in the chipmaker’s appeal, the EU’s lower court will over the next two days hold a second hearing on the case.

Spanish Steps | Spanish Prime Minister Pedro Sanchez will present today a package of measures to contain the coronavirus outbreak, with the number of cases set to surpass 1,000. The government yesterday decided to shut schools and universities in the Madrid region. Any fresh restrictions may hit the economy, which is reliant on tourism.

Red Tape | Onerous German bureaucracy has held up recent projects from a central train station in Stuttgart to Berlin’s first new airport since the end of the Cold War. So when Elon Musk unveiled his plan to turn remote woodland near the capital into a state-of-the-art Tesla car factory in less than two years, he sent an unequivocal message to local authorities: make it happen or lose it.

In Case You Missed It

Erdogan’s Demands | Turkish President Recep Tayyip Erdogan and the EU failed to reach an accord over the fate of refugees who’ve been gathering at the Greek border after Ankara signaled that they could head to Europe. Erdogan wants more financial help and visa-free travel for Turkish citizens in return for keeping refugees in his country.

Dirty Investments | The EU’s sustainable-finance push shouldn’t stop at defining green assets but also include a list of polluting activities, an expert group said. The idea is supported by financial supervisors and environmental groups but opposed by companies that are afraid of being punished by the market.

Greening Denmark | Denmark must adopt a number of emergency measures, including higher carbon taxes, if it’s to reach a goal of drastically cutting emissions, a government-appointed climate council said. The report comes amid concerns that a crash in oil prices could delay Europe’s transition to a low-carbon economy.

Church Dispute | Europe’s longest-serving leader wants to establish a separate Montenegrin Orthodox Church and pull his country further away from Serbia and Russia’s orbit. The faithful, though, have made it clear where their allegiance lies, with angry protests growing across the tiny nation of 620,000 people.

British Plans | The U.K. plans to produce a draft free-trade agreement before the next round of negotiations with the EU, a sign the government may be readying a take-it-or-leave-it offer to the bloc. The unusual step is a sign that Britain is rushing to get a deal done — but one that may only be narrow in scope, trade experts said.

Chart of the Day

Malaysia and Thailand refused to accept Carnival Corp.’s Costa Fortuna cruise ship due to the concern passengers may be infected with the coronavirus, highlighting a risk for more than 220 cruise ships sailing around every continent including Antarctica. Even at half capacity, those cruises can be ferrying hundreds of thousands of passengers at any given time.

Today’s Agenda

All times CET.

• 9 a.m. Commission President von der Leyen, EU Parliament debate efforts to contain coronavirus
• 9:30 a.m. EU lower court hears for the second time arguments in Intel’s appeal of a 1.06 billion-euro antitrust fine
• 3 p.m. Commission, Council chiefs address EU lawmakers  on recent budget summit, migration situation
• 5 p.m. EU leaders hold videoconference call on coronavirus to coordinate efforts
• Commission to unveil proposal for a European Industrial Strategy and Single Market Enforcement Action Plan
• Greece’s Mitsotakis meets Austria’s Kurz in Vienna