COVID-19 is wreaking havoc on nearly every aspect of the global economy. It is clear now that what was originally a supply-side shock—and to a lesser extent an export demand shock for the global economy—has morphed into something far more pernicious. With each new data point, it becomes painfully clear—the global economy has entered a full-blown recession. As unprecedented as the crisis is, it’s being met by a wholly unprecedented global policy response. From Europe and the UK to countries throughout Asia and the Americas, central banks and governments have been called to action—and they are stepping up.