What consequences if 2021 turns out to be much worse than what is currently expected in the euro zone?

The different growth forecasts for the euro zone in 2021 range from 4% to 6%. But if the economy remains disrupted by the COVID pandemic until the summer of 2021, euro-zone growth in 2021 is likely to be lower, around 3%. What would be the consequences of such lower-than-expected growth in 2021? The output gap at the end of 2021 would be 6% instead of 3.5%, leading to a continuation of low inflation and expansionary monetary policy; The deterioration in corporate balance sheets would be even worse, given the extension of the period of sluggish activity, particularly in sectors directly affected by restrictive health standards. This would result in a greater increase in corporate defaults and a deterioration in the outlook for investment and employment; The improvement in unemployment would start later, possibly not until late 2021, leading to a further deterioration in human capital and a further increase in poverty; Another financial market slump before the markets fully benefit from the expansionary monetary policy and the upswing in activity.