Given this backdrop and the wide-ranging impact of the COVID-19 crisis on financial markets, commercial banks and economic activity, we, like many central banks, used the full arsenal of our tools to respond to the crisis.
It is clear, then, that the world needs a global approach to financial stability. We are seeking a new balance between market discipline, transparency and stricter regulation of the conduct of financial institutions and market participants. In our second session tomorrow a panel will deal with some of the financial market issues.