An unexpected shift in the sectoral structure of the economy is always dangerous

The COVID crisis is giving rise to an unexpected upheaval of the sectoral structure of economies (we look at the cases of the euro zone and France). This situation is dangerous: It affects those who lent before the crisis to the sectors that the crisis has put in difficulty, as their difficulties were not expected (resulting in excessive loans with too-low risk premia); It requires a difficult and costly reallocation of employment and capital from the sectors struggling after the crisis to growing sectors.