The central bank was "very keen" to ensure that the temporary damage to the United Kingdom economy did not permanently impair long-term growth, Bailey said in an interview to Sky News.
"That's why you noticed immediate motion final week, that's why you will note immediate motion once more when we have to take it, and the general public will be assured of that", he mentioned in his first public feedback since taking on as governor.
A few hours later, new finance minister Rishi Sunak announced a surge in public spending.
Investors are watching for signs that the Bank of England will take further measures to help the world's fifth-biggest economy before its next scheduled announcement on March 26, even though its ammunition has been reduced by last week's action.
Economists say the BoE could trim rates to just above zero and expand its purchases of government bonds and corporate debt.
Bailey, who started his career at the Bank of England, joins from the Financial Conduct Authority, where he was chief executive.
He pointed to his record during the financial crisis, when he spearheaded the BoE's bank rescue packages.
"The action that the Federal Reserve took, in coordination with the other central banks, on the swap lines - that's important because you saw some pretty big dislocations in financial markets last week", Bailey said.
"We will see what effect of swap lines will be in the coming days".
On Sunday night, the Fed also cut rates, lowering the target range for short-term interest rates to between 0.0% and 0.25%.
Bailey additionally mentioned he had ambitions for the BoE that transcend defending the financial system from the coronavirus outbreak.
Following the meeting, Mr Sunak said: "Today's summit demonstrates that the Government's response is clearly and closely coordinated with the Bank of England, and that we are working with the banking sector to do everything it takes to support businesses through this hard time".
He added that he needed to the BoE to be represented higher throughout the nation as a complete.
"Although the disruption from COVID-19 could be sharp and large, it should be temporary", Bailey said last Wednesday, after participating as an observer in emergency policy meetings that prompted the shock rate reduction.