You have probably seen this chart, or something similar, everywhere. It refers to the worldwide number of new COVID-19 cases per day. While there are no new reported cases in China, the coronavirus peak has certainly not been reached yet in the rest of the world.
On the economic side, the main issue is the lack of European coordination and demand-oriented support measures. The most obvious economic responses taken at the national level consisted of tax deferral, liquidity injections, extending unemployment benefit and avoiding layoff with short-time working paid in part with public money. So far, the coordinated EU response has been ridiculously insufficient.
A support package of around 1% of net euro area GDP has been unveiled, including some initiatives that are not new. A bigger stimulus will be needed, including tax cuts and cash handouts if we want Europe to restart when the containment measures will be lifted. Without that, China is unlikely to be a leading indicator for Europe on the economic front.