So let me now turn to the topic at hand: the lessons of the COVID-19 pandemic and what you can expect from us if we were to face severe financial system stress again. Actions during COVID-19 As we all remember, almost exactly three years ago the rapid spread of a new virus brought the world to a screeching halt.
Large parts of the economy shut down, and global financial markets experienced unprecedented disruption. This led to a sense of panic both on Main Street, where businesses and households worried that they could be without income for months, and on Bay Street, where market participants faced sharply rising financial risks. With everyone fearing an economic and financial calamity, a dash-for-cash mentality took hold.