Banking stress raises another dilemma for central banks

We are resending this Stress Monitor to include clients of our Global Economics Service.

The ghosts of 2008 have made a sudden reappearance. Many metrics of core market functioning have worsened worryingly fast, but the overall situation is still long way short of the type of strains seen during the worst parts of the Global Financial Crisis or the early stages of the COVID-19 pandemic.

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