Industries deemed essential as well as those that offer substitute products saw high demand during the containment period. These include some health care services and social assistance, grocery stores, food manufacturers and deliveries. In contrast, industries relying on face-to-face contact with the public were hit hard. Air transport, cruises, hotels and accommodations and restaurants, for example, are suffering.
An adequate appreciation of these dynamics requires a systemic perspective for the analysis of financial stability which normally lies with the central banks, but requires also a close interaction between them and prudential supervisors. Central banks can make an important contribution to financial stability by performing several tasks that can strengthen the “macroprudential supervision” of the financial system.