Most of the world’s central banks have responded by slashing interest rates. Last week the Bank of Canada joined them with a 50 basis point cut. But while more rate cuts are expected, the ability of central banks to tackle this particularly type of crisis — supply chains have been crippled and consumers are increasingly afraid of simply going out to spend — is seen as limited. “With interest rates already so low to begin with you’re just pushing on a string with rate cuts,” says Kevin Milligan, an economics professor at the University of British Columbia. “It takes months for investment patterns to change, and that doesn’t help when something is hitting you in the short run.”

Which is why a growing chorus of economists and investors are calling on Finance Minister Bill Morneau to roll out a fiscal stimulus plan, spending heavily to shore up Canada’s economy. Morneau was already set to release the Liberals’ first re-election budget, likely at the end of March. On Monday he acknowledged Canada was in a “very volatile position” and said the federal government has the “capacity to deal with challenges exactly like this” and will introduce measures this week.

But what should those stimulus efforts look like? Maclean’s spoke with four economy watchers about what a fiscal plan for Canada’s battered economy should entail.