Due to a combining of those supply constraints with strong demand, inflation pressures are becoming more widespread and may last longer into 2022 than I thought they would.
Will unproductive firms, which should actually go under, survive due to cheap loans? Are we delaying the process of creative destruction by providing cheap money? That’s a fair question. We are monitoring this. If you take a macroeconomic perspective, you can see that on average firms have become more resilient and stronger. The problem is that this average can mask large differences.