As the COVID-19 shock continues to fan out across the global economy, policymakers are contemplating the correct response. Curiously, though the shock is of a different character to that during the Great Financial Crisis (GFC) the policy response should be broadly similar—monetary easing, (where possible) liquidity provision by central banks, and fiscal expansion. Whether policymakers react in the correct manner is crucial; the biggest danger facing the global economy right now is that they take the view that a different shock requires a different policy response. This is not the case—with an important caveat. Here we briefly frame the challenge of responding to COVID-19.