Our aim remains to have a resilient financial system that can absorb and not amplify adverse shocks, one that performs its essential function to support the real economy through both good times and bad. I think it is not an over-statement if I say that developments so far in 2020 underline the necessity of that approach.
COVID-19 has been a public health crisis the likes of which almost none of us have seen in our lifetime. It has also brought in its wake an economic shock unprecedented in scale and speed. And it has been a test of the financial system like no other in the last decade.