CNBC reports that Germany is about to unveil new measures to mitigate the economic impact of the coronavirus, in what analysts are describing as a "game changer" for a country that's the leader of fiscal prudency.

Germany is planning to increase borrowing by as much as 150 billion euros this year as well as to pass a 156 billion euro supplementary budget. The government led by Chancellor Angela Merkel is also setting up a 500-billion-euro bailout fund to take stakes in critical industries, according to various media reports.

At a government meeting on Monday, Berlin is expected to halt its debt brake rule - a law that basically prohibits Germany from presenting structural deficits.

"The government measures to limit the outbreak of Covid-19 have put the (German) economy into an induced coma," Carsten Brzeski, chief economist at ING Germany, said Monday via email.

"With a fiscal big bang, the government tries its own 'whatever it takes' to keep the patient alive," he added.