If they open only during the busiest times of the day and in the evening, labor productivity will increase. If there are labor shortages, this makes it possible for people to switch jobs. Those working at black firms will flee while those with an uncertain career and future will also try to relocate in order to obtain new jobs.
This summer, the Governing Council acted forcefully on this pledge. In June, it applied flexibility in reinvesting redemptions coming due under the Pandemic Emergency Purchase Programme (PEPP), with a view to maintain the functioning of the monetary policy transmission mechanism. This is a first line of defense to counter risks to the transmission mechanism related to the pandemic.