There are a number of reasons why this is so, but for me, an important reason is that the more prescriptive the Code is, the easier it is to get around. Rules are easier to arbitrage than principles. If it’s not expressly prohibited or explicitly discouraged, then it must be okay seems to be the historical experience.
The stabilisation of the European and global economy is a result of the lower perceived risk of a trade war and the fact that a no-deal Brexit was avoided. With risks like the coronavirus there is always a high level of uncertainty at first, until more details become available and we know how it is transmitted, what the mortality rate is, etc.