The exceptional fall in demand exposes households, firms, and financial institutions in all countries to risks for which there can only be a joint response. The pandemic has revealed the potential benefits of a common health strategy. Similar considerations to those valid for health apply to other essential services as well, such as education, defence, security and justice.
This is also the reason why, 20 years after its creation, it is no exaggeration to say that this committee acts as a repository that is a vital tool to understand and interpret developments in the Eurosystem and the ESCB, and will certainly be called upon during the implementation of potential reforms. 2.