Bloomberg reports that according to a ECB report, governments and central banks face a tricky balance between shocking the economy if they end pandemic support too soon, and undermining it if they keep measures in place too long.

Noting the sheer scale of the fiscal, monetary and regulatory support, it said the effort has been “vital” in helping companies and households withstand the crisis. It said the three prongs of support are intertwined, making their withdrawal a complex task.

“Ending measures abruptly could lead to cliff effects on households’ and corporates’ income, with knock-on effects for economic activity in 2021,” the researchers wrote in the pre-released article from the ECB’s Financial Stability Review. “The simultaneous termination of policy measures could trigger a protracted downward shift in the recovery path.”