Trade patterns, production structures, tax systems, financial markets, and institutional structures differ significantly across euro area countries. Hence, common shocks may  1  BIS Review 70/2000  affect countries in a diverse way.
Several existing businesses, whether large or small, shifted to online platforms to keep the business afloat during the lockdown. Borrowers’ ability to sustain cashflow in the face off restrained economic activity can ease concerns on banks’ potential credit losses.