LONDON (Reuters) – The volatility gauge for euro-zone stocks .V2TX, widely known as ‘Europe’s fear index’, surged on Monday to record highs, beating the levels it hit at the height of the 2008 financial crisis.

The benchmark reached a high of 87.89 points with European shares tumbling over 8% as the coronavirus pandemic raged through the continent and dramatic monetary easing by global central banks failed to reassure investors.