Because the crisis we are facing is global in nature and began outside our borders, most solutions must be found at the international level. We are taking part in discussions with our international colleagues on ways to strengthen financial stability globally.
The pandemic has also in some places exacerbated domestic political tensions. It is hard to know how these tensions will play out over the next couple of years. If they escalate, it is possible that some countries' recoveries will be derailed. Domestically, there are also a number of uncertainties that go beyond the direct effects of the virus and associated activity restrictions.