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.
2  BIS Review 70/2009  It has become much clearer over the past month or two, for example, that the countries hardest hit have been those that are most involved in the production and export of these high-value goods (Graph 2). Among the major economies, Japan and Germany have seen the biggest falls in output.