3 Moreover, the shortfalls in jobs and income relative to potential may understate the total losses, as many current  1  This estimate is from the FRB/US model, which is one model of the U.S. economy used by staff at the Federal Reserve Board. For a description of the model and access to the data, see www.federalreserve.gov/econresdata/frbus/us-models-package.htm.
Micro- and macroprudential authorities have also acted swiftly and introduced a range of relief measures to help the banking system maintain the flow of credit. ECB Banking Supervision has allowed banks to temporarily operate below the level of capital defined by Pillar 2 guidance and the combined buffer requirement.