The many irreversible developments resulting from the COVID crisis

The COVID crisis has led to several developments that are probably irreversible. These are: Government bonds purchased by central banks: a reduction in the size of central banks' balance sheets in the future would run an excessively high risk of a debt crisis; Structural fiscal deficits, which are very difficult to reduce (useful government spending would have to be reduced or taxes would have to be increased); Changes in working methods, consumption, town planning, and of course the acceleration of the energy transition. These irreversible developments pose various problems: Great difficulty for central banks to return to a restrictive monetary policy; Great difficulty for governments to reduce fiscal deficits; Significant changes in corporate strategies and in the sectoral structure of jobs.