Waiting for the parachute to open

By July 21, 2020 09:46

Waiting for the parachute to open

Although in relative terms Europe appears to be in “a good place” at the moment, to borrow words from Christine Lagarde, daunting challenges still abound. The virus is much better controlled than in the US, but given the lower European risk tolerance, supply-side restrictions could be re-imposed faster than in the US for any given pace in the propagation of the virus. The news from Barcelona are a case in point. Looking ahead, the perspective of the window for state guarantees on business loans closing could trigger a tightening in banks’ credit standards, while we continue to worry about the shape of the labour market once the emergency support measures are scaled back. This is why “federal” fiscal support for the long haul is so important. Unfortunately, as of this morning, no agreement has been found on the Recovery and Resilience Fund (RRF). 

By July 21, 2020 09:46


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July 2020