The fact of the matter is that “the 19-member Eurozone was already on the brink of recession before the pandemic struck”. /FT Big Read, 18 November 2020/
There were multiple crises by the outbreak of Covid-19. The EU had a permanent political crisis from 2015, an ongoing economic crisis from 2008, a Western identity crisis after 2016 and a family tragedy leading to the final divorce with the U.K.
Then the pandemic hit and a complete health crisis was added to all the former problems. Europe was badly hit by the health crisis because they failed to handle their previous crisis.
In the lack of the ECB’s funds and programs the EU might have had a complete disaster like in the last century’s two world wars.
Now, Europe needs efficient governments to abandon the permanent crisis mode we are in.
Governor Matolcsy, MNB, the Central Bank of Hungary