Without more, the harm to the unemployed and their families continues, and the risks of longer-term harm increase – both to the unemployed and to the country as a whole. A shortfall of aggregate demand is the most important factor behind those dismal statistics.
Particularly if we take account of the unusual nature of the current shortfall in fashioning policy responses, there is much that government policy – including monetary policy – can still do. 10  BIS central bankers’ speeches