These can take the form of cross regional holdings of financial assets or direct investments, as well as borrowing and lending credit operations. 11 This underlines the advantage of, in the context of CMU, being particularly focused on stimulating equity financing. Indeed, our upcoming report on financial integration 12 finds that debt finance can magnify the adverse impact of negative shocks on economic growth.
With containment measures starting to be lifted in some parts of the country, we saw a resumption of job growth at a national level in May. We expect this to accelerate as the economy continues to reopen, but we have a long way to go, and not all the jobs that were lost are coming back.