Governments Need to Be Ultimate Virus Backstop, Economist Moec Says

The video discusses the economic challenges faced by businesses and the role of governments and central banks in providing stability. It highlights the need for a backstop, such as government intervention, to protect the private sector during crises. The importance of monetary policy, including quantitative easing (QE), is emphasized as a means to support the economy and prevent layoffs by monetizing debt.

Why is monetary policy considered necessary during a financial crisis according to the text?

What is the significance of QE (Quantitative Easing) in the context of protecting the private sector?