The Covid crisis, central banks and the future

Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks

The Covid-19 pandemic offered no alternative but for governments to spend, for central banks to supply liquidity, and for both to do so on a massive scale. The need to address and contain the health impact of the coronavirus, together with the need to sustain economies and keep them standing for an eventual exit, demanded nothing less.

Central banks in both emerging and mature economies responded to the 2020 pandemic swiftly and responsibly. Their prompt and proportionate operations in their

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