But some lessons may have been taken too far. Monetary authorities were aided by their independence: They had credibility with investors and businesses that allowed them to take bold steps and weren’t subject to the political horse trading and delays that usually come with fiscal stimulus. Learning from the 2007-2009 fiasco, they moved with great speed and scope. From Washington to Wellington, policy makers swiftly deployed tools developed during the global financial crisis and found new ways to shore up credit markets vital to the functioning of modern commerce. Central banks were the first economic responders to the Covid-19 pandemic.
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