Across the world, we have already made major progress on this front. Central banks have stepped in, providing liquidity to the financial sector and preserving government’s favorable access to finance. Governments have helped to facilitate the flow of credit to firms, through measures such as credit guarantees. Beyond liquidity support, in multiple countries short-time work schemes have been helpful in preventing mass lay-offs.
And the last of the $ billion provided to banks under the TFF is due at the end of June 2024 (Graph 5). Despite these substantial declines up to that point, the Bank's balance sheet will still be at least twice as large as what it was just prior to the pandemic.