In most developed countries, the dramatic lockdown of the first (‘spring’) wave had given way to more targeted measures for the ‘autumn’ wave, with a much lower cost in terms of lost output. However, global activity was still a long way from prepandemic levels. Furthermore, little progress had been made in many low-income and developing countries.
It is to this end that the ECB, on the eve of becoming the single supervisor for the euro area, together with all the national supervisory authorities, launched a year ago the recently completed comprehensive assessment of the 130 most significant European banks. Another obstacle has thus been removed to the contribution that the ECB’s monetary policy can make to reviving growth.