Even after economies had reopened, fears of long-term scarring, including bankruptcies and permanent job losses, prompted coordinated responses from governments and central banks to uphold highly stimulative policies. In retrospect, we now know that such stimulus provided excess support to demand at a time when supply was struggling to adjust, which compounded inflation.
These reports can bolster confidence by demonstrating to markets the level of commitment that countries have to boosting their transparency. Other efforts to improve transparency in the wake of Enron and similar scandals include initiatives to improve corporate reporting, accounting, and dissemination of financial market information. These efforts to further domestic transparency will certainly be helpful on their own.