WASHINGTON (AP) — Seven major economies pledged to use “all appropriate tools" to deal with the spreading coronavirus but announced no immediate actions.

The group of major industrial countries, referred to as the G-7, said Tuesday that it was “ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy.”

The joint statement from the United States, Japan, Germany, Britain, France, Italy and Canada was issued after a conference call among the finance ministers and central bank presidents, led by U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell.

The G-7 has issued similar statements during periods of market turmoil, such as the Sept. 11, 2001 terrorist attacks.

“Given the potential impacts of COVID-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” the G-7 said.

Markets have been looking for a strong response that would include coordinated rate cuts by central banks. U.S. markets, which had been gyrating Tuesday, went negative briefly.

On Monday, the Organization for Economic Cooperation and Development said that the spreading new virus could make the world economy shrink this quarter for the first time since the international financial crisis more than a decade ago.

In a special report on the impact of the virus, the global agency said the world economy is still expected to grow overall this year and rebound next year.

But the OECD lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4% — and said the figure could go as low as 1.5% if the virus lasts long and spreads widely.

Global stock markets had moved sharply higher Monday on hopes that central banks would coordinate their response to the impact of the virus this week.