Its systemic and complex nature has revealed fundamental weaknesses in the crisis management of financial institutions, policymakers and supervisors alike. It is as if a new aggressive variety of the flu virus has suddenly emerged and is threatening our very existence.
So, in the face of this pandemic, it is no surprise that we all had to improvise and to learn as we went along. Authorities have been creative in their responses and have shown great commitment in adjusting to new challenges. In the past few months national governments have acted to protect the interest of depositors of individual financial institutions.