First, the crisis has made clear the importance of adopting policies to strengthen the resilience of the economy and the financial system, a condition that must be maintained, as it is indispensable to reduce the impact of the destabilizing dynamics of shocks, such as COVID-19.
Countries with stronger fundamentals were less affected during the worst months of the crisis, and they are leading the recovery. 4/5  BIS central bankers' speeches  Second, an ample set of policy tools was needed to address the risks associated with extreme financial market volatility and to mitigate the effects of the crisis.