Policy Responses to COVID-19

During the course of the year 2020, till mid September, the IACPM has provided its members with a regular update on new measures decided by the monetary and regulatory authorities to support the economy and the financial system at global, regional (EU) or national level (US, UK, Australia, Singapore, Japan). These measures relate to monetary policy, lending facilities, financial system and markets regulations, credit provisions and moratoria, as well as forward looking scenarios.

As most of these authorities have now set up special pages on their websites dedicated to policy updates and news, we have now decided to hold off but give you the links below which will allow you to have access to an up-to-date status of all fiscal and regulatory responses to COVID-19 in the field of financial stability.

For comments, feedback, and questions, please contact Jennifer Bearden or Tamar Joulia.

Global Level (BIS/ FSI/ BCBS/ IMF/ IOSCO)

United States of America

  • Federal Reserve Bank
    This page provides a regular update on supervisory and regulatory actions, as well as on funding, credit, liquidity and loan facilities extended by the FeD.
  • US Securities and Exchange Commission
    This page is a summary of operational initiatives, market-focused actions, guidance and targeted assistance and relief, investor protection efforts and other work of the agency in response to COVID-19.

European Union

  • European Central Bank
    This page details the set of ECB monetary policy and banking supervision measures to mitigate the impact of the coronavirus pandemic on the euro area economy and to support European citizens
  • European Commission (EC)
    To support financial services, the EC notably accelerated the implementation of the Capital Markets Union, via a Capital Markets Recovery Package: (tabled for vote end 2020)
  • European Banking Authority (EBA)
    The EBA provides here clarity on the application to banks of prudential and supervisory measures, in support of the actions taken by national governments and EU bodies to mitigate the adverse systemic impact of COVID-19 on EU banks.
  • European Securities and Markets Authority (ESMA)
    Measures here relate to market performance and markets regulations, as well as disclosure and reporting.

United Kingdom



  • Monetary Authority of Singapore (MAS)
    This provides latest actions and news on MAS’ actions to support the Singapore economy and ensure financial system stability amid the COVID-19 pandemic



Detailed COVID-19 Regulatory Guidelines published up to September 2020 are provided for the following categories. Select any of the Jurisdictions above to access.

  1. General Responses to the COVID Crisis
  2. Macro-prudential Measures (RWA, Capital Buffers)
  3. Credit Provisions (ECL, CECL)
  4. Forward-Looking Scenarios
  5. Moratoria
  6. Counterparty Risk and FRTB
  7. Credit Risk Modelling
  8. Collateral Easing
  9. Investment Funds