Massive programme of asset purchases has been the right thing to do.

Central bank independence should not be called into question by COVID-19.

Financial system mustn’t become reliant on these extraordinary levels of central bank reserves.

Current scale of central bank reserves mustn’t become a permanent feature.

Elevated balance sheets could limit the room for manoeuvre in future emergencies.

As economies recover, it’s likely that some of the exceptional monetary stimulus will need to be withdrawn, including by reducing reserves.