This is why from the start of the turmoil public authorities have undertaken interventions in key policy fields, including liquidity management, monetary policy and fiscal policy, which are unprecedented by number and scale. In addition, many initiatives have been undertaken to address weaknesses in the regulatory and supervisory framework in order to provide sounder foundations to our financial systems.
Despite our best efforts, we cannot yet see the light at the end of the tunnel and key financial markets and economic sectors remain under stress. It would be very difficult to predict when exactly our economies will return to normality, but I would be prepared to bet that, when this finally happens, the world will look different in many respects.