Can we put it like this: in countries like Germany and France with big companies with high ratings, you are helping with corporate bond purchases, and in countries like Spain or Italy, with less access to this type of measure, you will help via the TLTRO? It is true that in some jurisdictions you do not have many corporate bonds.
Across advanced economies, the output price of services relative to manufacturing goods has risen steadily as productivity gains in the manufacturing sector have outpaced productivity gains in the services sector.