"Stressing the unprecedented nature of the Covid-19 shock is not to say that the problems exposed by the financial crisis of 2008 are not still with us today. As the pandemic surged in March 2020, the fragility of financial markets was only too apparent. If the lockdowns are followed by a prolonged recession, as is more than likely, the banks will suffer severe damage. Nor does a stress on the uniqueness of the Covid shock imply that geopolitical tensions between China and the US do not matter. They do. The Sino-American conflict puts the future of the world economy in question and this is all the more alarming as tensions over the politics of the virus mount every day.
But the crucial point is that financial stability and geopolitics are now entwined with a challenge, which, as the French president Emmanuel Macron has put it, is anthropological: what is at stake is the trade-off between economic activity and death" - Adam Tooze