A disclaimer first. This will not be a do-or-die EU summit on the economic rescue of the region. We dub it the ‘webcam summit’, by the way as our dear leaders cannot meet in person for obvious reasons. Unless you expect the economy to miraculously recover in a V-shaped pattern from the Coronavirus lockdowns, the costs from the outbreak will continue to mount. Did anyone expect a month ago that the bottom would fall out of the oil market for a second time, and that prices would turn negative? We are certainly in for more negative surprises – skeletons in the closet if you will – and thus more fiscal easing and more monetary easing.

 

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