Easing bank rules is among the 'bold and extraordinary' steps needed to beat the coronavirus, but it must be temporary and limited to avoid ...
LONDON: Easing bank rules is among the"bold and extraordinary" steps needed to beat the coronavirus, but it must be temporary and limited to avoid undermining financial stability after the epidemic has passed, central bankers said on Wednesday.
The rules were introduced after a costly financial crisis a decade ago and to preserve their hard-won credibility the current adjustments"should be, and seen to be, temporary", the BIS paper said.AdvertisementSeparately, the Financial Stability Board , which is based at the BIS in Basel, Switzerland, said the depth of the downturn, and the timing and shape of the recovery remained uncertain.
"The economic effects of past epidemics provide therefore little guidance for the impact of COVID-19. All this increases uncertainty and makes the confidence of investors and consumers more fragile," it said.
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