Unfortunately, some periods are more uncertain than others. Given the extent of these supply-side shocks, no amount of monetary policy tightening could have prevented the first-round effects from emerging and a breach of the upper limit of the target range was unavoidable.
In this study, we can find signs of the emergence, as a result of the recent crisis, of entrepreneurship focused on business opportunities in which the scale, organisation and capital requirements were not key determinants to success. This appears to have been – alongside outward migration – the response of economic agents to the job destruction caused by the crisis.