Such a reduction would be the largest ever, six times larger than the previous record reduction during the financial crisis, and twice as large as the combined total of all previous reductions since the end of World War II. This makes you think: do we really need to speed up the energy transition? The answer is yes.
This is because the stabilisation is due not only to betterthan-expected macroeconomic developments and a levelling-off of risk aversion, but also to unprecedented stabilisation measures by governments and central banks, which cannot be maintained forever. In addition, banks are still exhibiting some weaknesses, and some risks to corporate earnings are going to materialise over the coming months.