The promise of not one but two vaccines for COVID-19 changes everything, right? Stuff will reopen, economies will rebound, and we’ll all be joyous and prosperous again.
Well, maybe not.
ECB President Christine Lagarde said on Tuesday that the vaccines don’t change the bank’s forecasts because they’d always expected such a breakthrough.
“I’m not sure that is going to be a major game changer for our forecasts, simply because what we had anticipated in our baseline was that at some stage in the first half of 2021 there would be a vaccine and that it would be rolled out in the course of 2021.”
While the vaccine is arriving earlier than anticipated, the current COVID-19 wave is taking a larger economic toll than expected, which leaves the continent’s economy still in dire straits.