Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg
Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg
William R. Rhodes
Opinion

Opinion

The View by William R. Rhodes and Stuart P.M. Mackintosh

Why central banks must handle the shift to a post-coronavirus pandemic normal with extreme care

  • Advanced economies must at some point begin to wind down their massive monetary and fiscal policy support to sustain recovery
  • Yet market corrections, business failures and economic contagion arising from a shadow banking or debt crisis could all torpedo the fragile recovery

Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg
Pedestrians walk along Briggate in Leeds, UK, on February 17. As governments begin to withdraw their policy support as Covid-19 case numbers fall, there’s a danger businesses kept afloat by government largesse will not survive. Photo: Bloomberg
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William R. Rhodes

William R. Rhodes

William R. Rhodes, a former chairman, CEO and president of Citibank, is president and CEO of William R. Rhodes Global Advisors, LLC, and author of Banker to the World: Leadership Lessons from the Front Lines of Global Finance.

Stuart P.M. Mackintosh

Stuart P.M. Mackintosh

Stuart P.M. Mackintosh is executive director of the Group of Thirty.