The resilience from having sufficient buffers in place proved vital in responding to the pandemic and will be 2/3  BIS central bankers' speeches  paramount in dealing with future downturns. 1 I would like to thank Daragh Clancy and Caroline Mehigan for their contribution to my remarks.
2 See Broner, F., D. Clancy, A. Erce & A. Martin, “Fiscal Multipliers and Foreign Holdings of Public Debt”, Review of  Economic Studies, forthcoming. 3 Indeed, Irish income tax returns and earnings data point to an increase in aggregate employee earnings, driven  by workers in the many sectors relatively unaffected by the restrictions. See also Cahill, B.