It has become impossible for the authorities to foresee changes and the direction of financial markets and transactions and to implement detailed regulations in advance. When changes are dramatic and entail a lot of uncertainty, it is important to further emphasize risk management and market discipline in order to maintain financial system stability without impairing its efficiency.
The short-term objective of mitigating the immediate consequences of the pandemic was achieved, preventing the drying-up of liquidity, avoiding an immediate  credit crunch that could have led to a large wave of defaults, and taming deflationary pressures that would have scarred the economic fabric of our economies and generated financial instability. 3.