FRANKFURT, Germany (AP) — The head of the European Central Bank says Europe's top monetary authority is ready to take "appropriate and targeted measures" if necessary to support the economy against the headwinds from the coronavirus.

Christine Lagarde said in a statement Monday that the virus "is a fast developing situation which creates risks for the economic outlook." She said the bank would closely monitor developments and act "as necessary and commensurate with the underlying risks."

Lagarde's remarks come as stock markets have risen in the U.S. on speculation that central banks may step in with action to support the global economy against the disruption caused by the spread of the virus. That is the case even though some economists think central bank action might only have symbolic value, since lower interest rates cannot re-open businesses that have been closed to prevent the spread of the virus.

The ECB holds its next rate-setting meeting on March 13.