2  BIS Review 22/2009  output and employment have stopped falling: but, as with fiscal policy, it is important to provide for it from today to ensure the effectiveness of the monetary expansion, firmly anchoring long-term inflation expectations and countering any speculative bubbles in the prices of financial and real assets.
What is certain and quite clear is that the longer this period lasts and the longer the weeks of lockdown continue, the greater the resulting economic damage will be; restarting will clearly be hard for certain sectors while for others it will be faster, but the precise conditions for restarting are rather uncertain.