On Thursday, the Financial Stability Coordination Council (FSCC) released its semi-annual Financial Stability Report, covering the second half of 2020. The report, which used to be published annually, is typically one of the murkiest, least consumer-friendly reports produced by the country’s economic managers, as it is written in Advanced Nerd. But if one can read it carefully and understand it, it provides some important and useful information about where the authorities think the economy is headed, and how they plan to get there.

The key direct takeaway from the latest report is that the economy is undergoing a fundamental change that has been greatly accelerated by the coronavirus pandemic. The indirect takeaway is that most of the economy is not ready for it, and should consider the report a wake-up call.

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