With the two successive shocks of Covid-19 and the Russian invasion of Ukraine, households, businesses and policymakers are faced with conditions the like of which we have not experienced in over 40 years, and markedly different from those in the decade leading up to the pandemic.
That is because we have a consistent, disciplined, and comprehensive framework that lays out the proper factors to evaluate when deciding to turn the CCyB on or off, and the framework did not suggest vulnerabilities were particularly high. That framework has guided our decisions over the past few years and provided clear and transparent guidance to the public.