It is vital that firms and households take it up with conviction and confidence: a future built on public subsidies and incentives is unthinkable. It will take time to understand what the new ‘equilibriums’ of social life and economic development will look like after the pandemic and the digital and green transitions.
We are all called on to cultivate greater and more widespread prosperity, adequate protection for those who will be most affected, and clarity about the costs to be borne and progressively reduced. What is certain is that the stimulus, which is partly artificial, of today’s extraordinary and exceptional macroeconomic policies, will end.