Vaccine optimism but restrictions take their toll

While an effective vaccine that would transform the economic outlook looks more likely than it did only a week ago, questions about how and when it will be distributed still need to be answered. So it will probably be some way into next year before euro-zone governments feel able to lift all the restrictions. Meanwhile, the vaccine news will not alter the restrictions currently in place, and nor will it stop the ECB from pledging to keep monetary policy loose for a very long time.