These mechanisms must be robust, with sufficient financial resources and designed to respond quickly and effectively, while at the same time promoting accountability and avoiding moral hazard. The more robust and credible these "backstops" are, the less likely they are to be used for real.
• Reflect on what we have learnt about the economy over the past 18 months during COVID-19, and how this influenced the outlook for monetary policy published in the August Monetary Policy Statement (MPS).