Other financial market participants and supervisory authorities are not always able to adequately identify the relative contribution of the two factors and therefore to punish unethical behaviour. 7 However, not all unethical behaviour which shows a conflict of interest is directly punishable.
1/4  BIS central bankers' speeches  The Recession and Nascent Recovery When it became clear in late February that the disease was spreading worldwide, financial markets were roiled by a global flight to cash. By the end of the month, many important markets were faltering, raising the threat of a financial crisis that could exacerbate the economic fallout of the pandemic.