As the COVID-19 pandemic outbreak in March 2020 threatened to drag the global economy into a deep and protracted crisis, central banks once again became the first line of defense for countries across the world. In 2020, about 94 monetary authorities have cut their policy rates, often at emergency meetings. Amid acute stress in financial markets, central banks also swiftly deployed a wide range of policy measures, aimed at preventing a liquidity crunch and supporting credit flows.