Neither recessions nor depressions lend themselves to a simple numerical standard. At this point, there is no reason to assume that any of these behavioural dynamics will emerge from the current episode. At the core of the policy response to the COVID-19 shock is a truly historic expansion of fiscal support.
Cultural change is evidently a complicated, laborious and time-consuming process and will need to touch on the number of dimensions, but at its essence we need to see a fundamental shift in attitudes to risk management and to the treatment of consumers.