In this macroeconomic context, I see the specific task of an independent central bank to act as an expert and also as an advocate for the long-term perspectives and interests of an economy and a society in general.
The upside involves further good news on the health front, with a strong pick-up in consumer and business confidence propelling a stronger self-sustaining recovery, especially given the large amount of monetary and fiscal stimulus that is in place. In the downside scenario, further progress in reducing unemployment is delayed and there is a little pick-up wage growth and inflation from current levels.