Financial agility and adaptability will be essential if we are to weather the coronavirus crisis

Why is this crisis so hard for economic policymakers? Because it is huge, but likewise tremendously uncertain.

We are used to economic factors making recessions- weak bank deregulation for the financial crisis or the exchange rate mechanism for Black Wednesday. Both were bad recessions, but their directions were clearer once we’d tackled the underlying economic induces by nationalising banks or leaving the ERM.

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