BIS central bankers’ speeches  3  policy is low, any attempt to control credit aggregates through MP interventions would require large swings in interest rates, which in turn could cause significant distortions in relative prices outside the financial sector. While the effectiveness of MAP tools is still largely untested, a euro-area-wide MAP framework might well fill an important gap in this respect.
It will likely be gradual, and might very well be of a two steps forward, one step back nature. Its effects on the economy will likely be heterogeneous, too. Some sectors are relatively well-equipped to function in a frozen economy, and will have no trouble resuming business. Other sectors might be able to (partially) catch-up on lost revenues as soon as the lockdown eases.