The Pandemic Emergency Purchase Program has therefore been the most obvious response to the crisis so far, complemented by TLTROs and PLTROs to ensure bank credit flow. Last but certainly not least, regulatory constraints were also temporarily eased to allow banks to provide additional funding to firms and households that were in need.
The second wave •  The events of the past weeks, however, show that the virus remains among us, and that in spite of all efforts, a second wave has not been – and potential subsequent waves may not be – avoided. This second wave is hitting economies that have not yet fully recovered from the earlier blow.