Europe's Failings Are Back for Everyone to See
A vaccine won’t cure Covid’s long-term damage to the economy. The EU must rediscover its earlier urgency in tackling the fallout.
How happy will this Christmas be?
Photographer: Pascal Le Segretain/Getty Images EuropeIn the first half of 2020, Europe mounted a bold and swift economic response to the Covid recession. As the second wave of the pandemic triggers a new slowdown, policy makers appear to have lost some of their mojo.
Governments are struggling to deal effectively with the health crisis, as they dither between keeping economies open and imposing new restrictions. The European Central Bank looks set to announce a new round of stimulus in mid-December, but it’s unclear how much it can contribute to the recovery. European Union member states are at loggerheads as the bloc tries to finalize a multi-year budget that includes a joint pandemic recovery fund. While an agreement appears the most likely outcome, the delays will hurt the prospects for a speedy economic rebound.