By contrast, a much larger group of SMEs have been struggling in 2020 but were profitable prepandemic, suggesting that their longer-term survival prospects are stronger and that restructuring and forbearance efforts would be better focused on them.
For advanced economies now, financial sector reform is so important not only to make this sector much more resilient, but we also have to take into account that it is extremely unlikely that our democracies would put for a second time 27% of GDP of taxpayers risk on the table.