But it didn’t work that way, and there are two reasons for this, in my view.
It has attenuated the impact of the emergency on the corporate and household sectors, preventing the destruction of viable physical, intangible and human capital. It has also been key in directing resources to strengthening health-care infrastructures, including for the development of vaccines. Thanks to the policy support and the vaccination campaigns, the recovery is now gaining strength. Economic forecasts are being revised upward.