The example of the 1970s cannot therefore be interpreted as a qualitative estimate of the possible effects of the current shock. However, there are also more than a few similarities; qualitatively speaking, the effects could be considerable.
All this, provided that it is recognised that, aside from emergency measures taken to smooth temporary ‘bumps’, public intervention aimed at mitigating the effects of the crisis should, more than it already has, take the form of income relief for those most affected and of support for the transition, rather than fighting price increases.