What Community Banks Have Achieved America has never experienced a health and economic crisis like the one we are facing. The measures taken to contain the virus and the ensuing sudden stop to the economy beginning in March were unprecedented, just as some aspects of the downturn. One of these is the extent to which small businesses have been affected.
Lending to households and firms is still high, according to the July figures; investments are still ongoing in spite of the uncertainties. Do you have a view on how low into negative territory the ECB can go? We need more analysis on what kind of impact and costs and benefits rate cuts would have.