After chairing a Competitiveness Council meeting, he told reporters it discussed the impact of coronavirus on the European economy.
This will be discussed further at an informal Council meeting which the Croatian presidency is organising in Zagreb on March 19-20.
"If necessary, we'll also organise formal meetings on a monthly basis and set up a flexible and effective model of informing the public on a daily or weekly basis on what is happening in any given country and what is being done," Horvat said.
"The most important thing is to remain calm and rational, not give in to panic," he added.
Internal Market Commissioner Thierry Breton said it was necessary to anticipate events, coordinate and approach the job seriously on the basis of exact numbers.
There are no consolidated numbers yet but some data are known, for example that two million nights which Chinese tourists booked in Europe have been cancelled because of coronavirus, he added.
At today's meeting, the Commission informed ministers of its first estimates of the possible impact of coronavirus on European industry and drew member states' attention to the importance of sharing information and coordinating measures.
The Council also discussed supporting industry in order to achieve climate neutrality targets by 2050 and the switch to a circular economy through digitisation.
"We must make sure that the transition to a climate neutral European industry occur in a fair, inclusive and sustainable manner. Transforming challenges into opportunities will be our biggest task. Our debate today shows that we are determined to keep our industry competitive and at the same time meet the climate targets set in the European Green Deal," said Horvat.