The Leaders of Group of Seven (G7) industrialized nations on Monday pledged to "use all policy tools" to forcefully address the economic impact of the novel coronavirus outbreak.

"We, the Leaders of the Group of Seven, acknowledge that the COVID-19 pandemic is a human tragedy and a global health crisis, which also poses major risks for the world economy," leaders of Britain, Canada, France, Germany, Italy, Japan and the United States said in a joint statement.

"While current challenges may require national emergency measures, we remain committed to the stability of the global economy," the statement read.

Aside from coordinating on necessary public health measures to protect people at risk from COVID-19, the leaders said they are committed to "marshalling the full power of our governments" to restore confidence, growth, and protect jobs, support global trade and investment, as well as encourage science, research, and technology cooperation.

"We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies, and to safeguard against downside risks," the leaders said.

"To this end, we are mobilizing the full range of instruments, including monetary and fiscal measures, as well as targeted actions, to support immediately and as much as necessary the workers, companies, and sectors most affected," the leaders said, noting that this is "particularly important" for small and medium businesses and working families.

Earlier this month, the G7 finance ministers and central bank governors said after an emergency conference call that they will "use all appropriate policy tools" in the efforts to mitigate the economic impact from the outbreak.

After an emergency cut less than two weeks ago, the U.S. Federal Reserve on Sunday trimmed its benchmark interest rate by a full percentage point to near zero. Several other central banks have followed suit.

In a blog posted Monday, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged "increased coordinated action" on fiscal stimulus, monetary policy and regulatory response, noting that all this work is most effective when done cooperatively.

The G7 leaders said "we are committed to doing whatever is necessary to ensure a strong global response through closer cooperation and enhanced coordination of our efforts." 

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