However, the shutters on spending have not come down completely. Overall, we are seeing a broadly rational response to the difficulties we face. The massive financial downdrafts hitting the economy this year will force a mix of pricing and wage-setting restraint, moderated employment plans, and higher hurdles for new investment.
There is a clear example, after the financial crisis in 2008, President Obama made state aid to car manufactures dependent on them moving towards the electrification of motor cars. That is an example that could now be leveraged on and can be used much more widely. Third, the pricing of CO2 exposures.