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Faced with the pandemic crisis and its economic and financial consequences in the short and medium term, central banks found themselves in the position of guardians of chaos. They thus acted quickly and massively to avoid the potentially dramatic consequences of a sudden shutdown of a large number of Western and Asian economies. Faced with the reversal of capital flows out of developing and emerging countries, many of which found themselves in a foreign exchange crisis and in urgent need of liquidity. The US Federal Reserve (Fed) had to respond to a sudden demand for dollars and treasury bills.


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Policy Brief
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