Above all, they can avoid meddling in parliamentary politics, as the ECB did when Italy's silvio berlusconi government collapsed in 2011. Then they can lower their heads and hope for the best. Michael Zezas, an analyst at Morgan Stanley, also said the tax legislation would be a boon to the market in the short term, but may not be able to make fundamental changes. The current flattening of the us Treasury yield curve shows that the medium-term slowdown in the us economy and the recession of 2019 are not going away. A tax reform would widen the fiscal deficit, possibly in the future and exacerbate cyclical risks in the economy. The Resolution Foundation said the loss of pay across all sectors took the average loss for each of the UK’s 800,000 agency workers to £500 a year, up from £430 last year.