At the Central Bank, we have recognised the need to keep the real economy going and accordingly have reduced interest rates rapidly over the past six months, so that the reduction being passed through translates to lower bank lending rates. This should serve to ease the financing conditions for companies and households.
I have spoken elsewhere about labour market flexibility as a key method for mitigating the effects of the downturn. Today however, I will speak primarily about how our financial system is positioned to withstand these global pressures.