One may certainly agree with Martin Wolf that the pandemic has created some features of a war economy /FT, 20 May 2020/. Why don’t we set the record straight: we entered a sort of war economy as they did in Western Europe by 1940.
Just like during wartime, all the events are unexpected, they tend to occur suddenly.
They bring huge structural changes with them, reshape the whole environment of the economy, put new trends into the international relations of all players, and change the relations of politics and business, governments and central banks.
Expect the unexpected, prefer the unorthodox new solutions to the orthodox ones.
Governor Matolcsy, MNB, the Central Bank of Hungary