These structural factors have further reinforced differences in the impact of the pandemic on different countries. In Spain and Italy, for example, the share of the workforce employed in sectors that are most affected by lockdown measures is particularly high, exceeding 30%. Figure 7 Share of employees in lockdown sectors. Percent  Source: EU Statistics on Income and Living Conditions (EU-SILC), 2018.
Only then can they be effective and ensure that banks fix their problems. A second lesson we have learned from the SVB failure is that even a relatively small bank, that was not highly connected to other banks, can still cause contagion and spread a lot of stress in the financial system.