Rest assured that throughout the normalization process for monetary policy, we will make every effort to communicate clearly and in a timely manner. Conclusion It’s time for me to conclude. We have come a long way from how things were a year ago when severe market-wide stresses forced the Bank to act as lender of last resort to the financial system.
Our efforts in the face of COVID-19 have had their intended effect. Financial markets have been working much better for some time. Partly as a result of markets functioning smoothly, the economy continues to recover, and the downturn last year—while sharp and severe—was not as bad as it could have been if market stresses had persisted.