Similar to the present situation, the global economy in the 1970s and early 1980s was hit by a supply-side shock in the form of high oil prices. 2/7  BIS - Central bankers' speeches  This period was marked by double-digit inflation rates, low or negative output growth, and elevated unemployment.
Finally, we expect institutions to have adequate reporting systems that allow them to disclose to the marketplace and regulators the nature of these exposures. As many of you know, the Federal Reserve has long advocated better disclosure, particularly regarding more-complex risks, in both the domestic and the international arenas.