Exceptional crisis, exceptional responses

Exceptional circumstances are sometimes the catalyst for exceptional leaders to emerge; they can also be extremely harsh for those who fail the leadership test.

Nothing seems too exaggerated these days while describing the impact of the COVID-19 pandemic on the world economy. Yes, it is true that we might be facing the biggest economic crisis since the Great Depression of the 1930s; yes, it is true that while the nature of the financial crisis of 2008-2009 was easier to define and address, we have now a cumulative crisis on the supply and demand sides; and while in 2008 many countries had a good margin of manoeuvre with respect to their monetary policy, the lingering concern now is about central banks close to running out