It is likely that the pandemic has both increased the need for such movements and brought forward some movement that would have occurred eventually. 9  The Bureau of Labor Statistics defines a job loss as temporary if the affected worker has been given a date to return to work or expects to be recalled to their former job within six months.
But if inefficiencies are high and the economy adjusts more slowly, fiscal policies need to be more expansionary, and for longer, and this can in turn generate spillovers on other participating economies and on the single monetary policy. To give an example of this interaction, Ireland and Spain were two countries that experienced relatively similar shocks emanating from the financial and construction sectors.