If so, the challenge is to produce the best possible recovery. Central banks’ policies have been no less astounding. Central banks have gone far beyond responsibility for banking. Indeed, with its interventions, including swap arrangements with other central banks, the US Federal Reserve has taken responsibility for much of the global financial system. Under the management of Agustín Carstens, former head of the Mexican central bank, the BIS rightly endorses the actions of central banks.

Source: The Irish Times July 01, 2020 11:25 UTC