In the current discussion on the reform of the international financial system, not many are suggesting that the IMF should play a stronger role in preventing the accumulation of excessive external imbalances and in fostering more disciplined domestic policies.
In other words: building resilience into the financial system in good times may seem expensive, but over the long run it is the most cost effective thing to do. So the banking sector has withstood the Covid stress test pretty well. However, you and I know that not everything went smoothly in the financial system, as events in March last year showed.