This has required extraordinary responses—both from a fiscal and a monetary policy perspective. In the short term, we need to keep credit flowing and financial markets working, so households can continue to pay their bills and companies can cover their operating costs. And as we move from crisis response to recovery, we need to maintain a well-functioning financial system.
That way, our policy actions get through to people and businesses. In turn, when containment measures are lifted, the recovery will be easier to attain, and sustain. Today, I’d like to discuss some of the specific programs the Bank has put in place to achieve both of these goals—that is, to ensure funding liquidity and market liquidity.