Central banks respond aggressively to COVID-19, how effective is this?

Synopsis: Central Banks have cut interest rates to historic lows in an attempt to reduce the adverse impact of COVID-19, while unprecedented liquidity infusions have been used to reduce funding constraints and frictions in financial markets. Monetary policy will lessen the economic and financial fallout from the virus, policymakers should emphasize the need for targeted fiscal measures to complement accommodative monetary policy and central bank liquidity. These should culminate in fiscal transfers, wage subsidies and a significant