The risk for the German tax payer has gone down. Recall that internal loans between some central banks in the ECB system, the famous Target 2 loans, were previously much higher. They have already gone down by half. The answer is not really reassuring. Low interest rates are still low interest rates.
•  The recent pandemic – a human tragedy with enormous costs for the economy and society at large – has impacted firms by inducing substantial and rapid changes in the business environment and in their activity.