It is not up to the central bank but to elected governments to decide which industry is to be closed and when. As central bankers, we have to respect and implement legitimate decisions in this context. And the effectiveness of monetary policy has been bolstered by abstaining from normative judgments on the morality of markets and industries.
The only human institution which rejects progress is the cemetery.” Undeniably, embracing and adapting to the changes in the new economy is key, not only to recover from the effects of the COVID-19 pandemic, but also to move ahead of the game.