Central Banking in Pandemic Times

Research output: Contribution to journalComment/debateResearch


The sense of extreme disruption brought by Covid-19 led to the fast adoption of unprecedented containment policies. Central banks played a key role in this regard by adopting bold and unprecedented forms of financial stabilization as well as support for government debt in the bond markets. The overall effect has been the blurring of the boundary between monetary and fiscal policy, a key pillar of the “neoliberal” era. Furthermore, the Fed acted as a de facto lender of last resort in dollars of the global financial system, thus playing a global stabilization role even as the Trump administration worked to weaken traditional US ties to global economic governance.
Original languageEnglish
Article number24188
JournalGlobal Perspectives
Issue number1
Publication statusPublished - 2021


  • Central banks
  • Monetary policy
  • Lender of last resort
  • Financial stabilization
  • Swaps
  • Federal reserve
  • European Central Bank

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