The figures in our financial report today are sobering and reflect a collective trend.
Between January and October of this year the aggregate increase in private sector bank deposits was 12.8 bn euros, or 8.9 percent as compared to figure at the end of 2019.
Citizens are erecting an informal line of defence with withdrawals due to the fear of a decline in their income.
One could say that they are following the example of states which set up a fiscal cushion.
This is a significant political signal that there is a pressing need to ensure that the state will be he here after the end of the pandemic to supporτ citizens financially and in terms of public health.
In that sense the government’s strategy – which is to bolster vulnereable social groups and the middle class – is in the right direction.
This is all the more true as we approach the most extraordinary Christmas and holidays since WWII at a time when social cohesion is being severely tested.
The state’s actions at this critical juncture will determine the revival of citizens’ trust in politics and palpable aid to those in need will define the future of the political system.
When those in power align themselves with the needs and concerns of the people and swiftly address them we shall have a dedicated political relationship between the citizenry and the state.
We shall have a society that will be able to endure and meet new challenges.