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Speech Klaas Knot - “From intensive care to full recovery: finding the way out of the Covid crisis”

In his address today at the Eurofi High Level Seminar, governor Knot talked about the exit path from the Covid-related economic crisis. He emphasized the importance that governments do not withdraw their fiscal stimulus until we have made a good start with the recovery. “This may well take us to year-end at least.”, he said. Although corporate bankruptcies will inevitably rise, he argued that Covid-related legacy debt should not be a reason for firms that are intrinsically viable to go out of business. “So under the current circumstances, we should look for more targeted and less costly solutions where possible. That might involve corporate debt restructuring where banks and other private creditors, and also tax authorities agree to provide some relief.

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