An important lesson, post-September 2008, is that irrespective of the degree of globalisation of a country and the soundness of its domestic policies, a financial crisis could spread to every economy. 3. The international transmission of liquidity shocks was fast and unprecedented.
Christine Lagarde: Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools Remarks by Ms Christine Lagarde, President of the European Central Bank, at the Annual Meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities, contribution during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”, Frankfurt am Main, 11 September 2020.