The COVID-19 pandemic severely affected all sectors of economic activity and led to a significant increase in uncertainty and a rapid adjustment of risks in financial markets. Measures to limit the spread of the disease have led to blockages in supply chains and a sharp contraction in demand, while financial markets have faced significant increases in volatility and significant adjustments in financial asset prices. The risks to financial stability, already exacerbated by the impact of the COVID-19 pandemic, are also amplified by interactions with existing structural vulnerabilities in the economy, especially in emerging countries. The current framework has led to the rapid adoption of measures by national and international authorities, generating a mix of actions ranging from monetary to financial and fiscal measures. The scale and complexity of the public health crisis call for better cooperation and even coordination of efforts on regional and global levels. But the crisis generated by the pandemic can also be an opportunity to implement structural measures to position the countries of the world, including Republic of Moldova in a new model of economic growth, more sustainable, innovative, but also more resistant to shocks.