Supply chains will need to rely more on digitalization and automation to exploit real-time data to allow fast and flexible production and stock policies. Dani Rodrik wrote in April, “Crises come in two variants: those for which we could not have prepared, because no one had anticipated them, and those for which we should have been prepared, because they were in fact expected.
Typically, at cyclical turning points financial markets become more volatile and banks’ lending policies are more difficult to forecast. [14] In the euro area, this latter effect is reinforced by the phasing-out of the TLTROs. Of course, a gradual approach is not appropriate in all circumstances.