Though extraordinary action was necessary to tackle the economic shock stemming from the global pandemic, authorities should rebuild policy buffers “as soon as conditions allow”, the Bank for International Settlements’ Claudio Borio said in a recent speech.

The head of the BIS monetary and economic department said there should be three long-term priorities: to improve resilience in neglected parts of the financial system, chiefly among non-banks; to return to a sharper “demarcation” between