In response to these developments, governments, central banks, and international organizations have been swift to implement policy response measures, both fiscal and monetary, on an unprecedented scale. These responses have helped economic entities with their financing, markets to regain stability earlier than in the case of the GFC, and the global economy to start picking up.
What has changed dramatically in recent years is the production side of oil, which is likely to be a substantial factor in determining the extent and duration of any oil-price spike. Oil, in this regard, has truly become at least an associate member of the new economy.