The spread of the virus, and its ruthless and indiscriminate nature, will hopefully serve as a reminder to commentators who believe multilateralism belongs to the 1950s that it in fact has many virtues. We need it now to help us manage the response, and we will need it later to organise our exit from the crisis.
Just imagine that China, the European Union and the United States were back on their feet, but that the entire southern hemisphere, from South America to Africa, had then been hit by the virus. We wouldn’t be that much better off, facing the risk of a second wave. You have said that you fear a “considerable” recession in the euro area. Of what magnitude?