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REPORT OF THE PRESIDENT
The first quarter of 2020 was dominated by the rapid global spread of the COVID-19 corona virus. In an effort to slow the spread of the virus, governments worldwide started to take drastic measures including border closures and lockdowns of (parts of) their countries. The anticipated unprecedented economic, financial, and social toll from the virus pandemic and the necessary containment measures prompted governments to set up broad support programs for businesses and individuals. Central banks resorted to expansionary monetary policies to secure sufficient and cheap finance to support the economy and prevent a second international financial crisis.