On Tuesday, the Financial Stability Board released its preliminary report into lessons learned from the Covid pandemic, while acknowledging that it is not over and that its financial impact has only been mitigated by extraordinary monetary and fiscal policy.
The FSB sees a need to strengthen resilience in non-bank financial intermediation. It highlights the procyclicality inherent in margin calls, while looking back to the dash for cash at the start of the pandemic that revealed vulnerabilities stemming from liquidity mismatches, leverage and interconnectedness.
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