The last time we stepped in to address issues like these was more than a decade ago, during the global financial crisis. With that in mind, I’ll begin by reviewing how the Bank responded to market-wide stress. Then, I’ll talk about the thinking behind our actions and update you on the status of our facilities because markets returned to working normally some time ago.
Our actions have grown the Bank’s balance sheet substantially. So I’ll close by discussing some policy implications of this and what my Governing Council colleagues and I are considering as we explore how the balance sheet could evolve from here. How we responded to market-wide stress Let me first expand a bit more on what happened when COVID-19 struck.