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.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services