However, it would be premature to interpret the brighter economic situation as evidence that structural change is being successfully handled. The outlines of the future framework conditions are already fairly distinct: anyone planning for the future will need to assume that energy prices will be higher, financing costs will be higher, geopolitical uncertainty will be greater, and potential growth will probably decline.
[25] Fiscal and monetary policy will have less scope for cushioning shocks than they used to have. The real economy needs to adapt to these new conditions. Production factors need to shift from energy-intensive sectors to less energy-intensive ones in some cases, firms need to make their global supply chains more resilient and deal with the ramifications of digitalisation and demographic change.