As we are in the silent period today, all I can do is repeat that generic statement we have been making numerous times. Next to fiscal and monetary policy, an important question is how to deal with the rise in corporate debt levels. Under the warm blanket of government support programs, the financial position of corporates has deteriorated.
As policymakers start to withdraw support, even if they do so gradually, we will likely see a rise in the number of business that are not going to survive. To some extent this is inevitable. For example in the case of firms that were already vulnerable before the crisis.