A more developed and efficient financial system is likely to contribute to a more effective, harmonised and smooth transmission of the single monetary policy. In addition, the stability of the financial system is also a crucial concern for central banks and for the economy as a whole.
The third factor is how COVID-19 will affect private consumption and other economic activities. Depending on the course of COVID-19, upward pressure from pent-up demand could weaken. On the other hand, if the need for vigilance against COVID-19 lessens significantly, private consumption could be pushed up. This is also the case for international tourism.