To be clear, like many others I do believe that deep recessions can have effects on the supply capacity of the economy that may take some time to unwind.12 For example, the crisis has affected the “intensive margin” of the euro area labour market – that is, people working involuntarily in part-time or temporary positions.13 But it is not plausible that those effects could be as dramatic and long-lasting as the “hysteresis view” would suggest.
It is important to emphasise that ultimate responsibility for a rm’s IT risk, strategy and governance rests with the Board, including the adequacy of digital and IT strategies to deliver and support business strategies and plans. Boards must rstly ensure they themselves have the skills and knowledge to meaningfully understand the risks their organisation faces and the responsibilities they bear.