[37] Whether these patterns have intensified during the years since the COVID-19 pandemic broke out remains an open issue, as the drop in activity in the service sector related to lockdown measures in 2020 and 2021 was largely compensated during the reopening of the economy in 2022.
In response, many governments and central banks have taken extraordinary measures to protect their banking systems and their economies. However the past few months have shown that increased global economic and financial integration has resulted in an increasingly interdependent world.