Members commenced their discussion of international developments by noting that the global economy had started to recover around May as containment measures were eased and the extensive fiscal and monetary support had begun to take effect. However, more recently the global recovery had slowed and become more uneven, with infection rates rising again in some countries; further fresh outbreaks of the virus had been seen in Japan, South Korea, some countries in Western Europe and New Zealand. This had led to a targeted tightening in restrictions, and some renewed signs of precautionary behaviour. Consistent with this, ... (full story)