Navigating the health and financial effects of the coronavirus lockdowns will go down as the primary challenge of 2020. For different governments, finding resources to provide the requisite health-care and economic responses has demonstrated the difference between countries that have financial resilience and those living on the margins.

Few nations have had the type of financial buffers that could withstand the effect of an extended lockdown. In cases where existing resources fell short, the art of leveraging and co-ordinating fiscal and monetary instruments has preoccupied policymakers, central bank governors and finance ministers...

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