But the resurgence in the number of infections has fuelled renewed uncertainty, as new measures seem necessary, but also because consumers and entrepreneurs are becoming more cautious. A proper assessment of the total economic damage will only be possible once the virus is under control. And it is important to stress once again that the economy and health are not in a zero-sum game.
Even without measures the economy will be hit. It is therefore of the essence that everybody contributes to containing the virus. That is in the interest of our health, but also in the interest of the economy.   An important – and positive – observation is that the financial system has so far proven resilient.