The increase in relative terms would be the greatest in the manufacturing sector; this would also be a key driver behind banks’ loss allowances. 3/4  BIS central bankers' speeches  Structural change will not fail to leave its mark on the financial system. The pandemic will tend to amplify trends such as digitalisation.
Ultimately, banks must therefore be able to exit the market if their business models are no longer sustainable – and do so without jeopardising financial stability. Thanks to the reforms of the past few years, we now have better instruments at our disposal for dealing with banks in distress.