" 2008 was a global systemic financial crisis fuelled by the endogenous interactions of market participants. The forces of the crisis fed on deep weaknesses in the financial system that had built up out of sight.
COVID-19 is an exogenous shock to the economy, and the question is whether there are sufficient latent weaknesses for it to prey on. We think this unlikely. Instead, the locus of the problem lies outside the financial industry, in a real economy in which shops, services and business are being closed by state fiat, and the income of employees involved is collapsing."
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COVID-19 Transformation Map Image: World Economic Forum
