Another point to note is that firms have been making new business fixed investment, supported by steady progress in the diffusion of teleworking as well as in the active use of IT in response to restrictions on economic activity caused by the spread of COVID-19.
In its forthcoming revision of the macroprudential framework of the EU, the European Commission should ensure that the EU legislative framework provides macroprudential policymakers enough flexibility and macroprudential space in applying their macroprudential tools. In my speech two years ago, I also underlined the need to broaden the scope of macroprudential policy beyond the banking sector.