We have only just overcome the liquidity phase of the crisis in countries that are now relaxing restrictions. In many others, the health crisis is still acute. And the epidemic could flare up again anywhere, the general manager, Agustin Carstens, of Bank for International Settlements (BIS) acknowledged in late June whilst discussing the Banks 2020 Annual Economic Report. Importantly, the shock to solvency is still to be fully felt. Business insolvencies and personal hardship may well increase.
There has been much optimism in recent months regarding the prospects of a global recovery from the coronavirus. The recent announcements of vaccines with high levels of efficacy from the likes of Pfizer and Moderna have certainly raised hopes of …
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