Apart from the sad fact that Europe became the new center of the present pandemic, it is also true that the next recession is on the way, and will arrive sooner or later /The Economist February 22nd 2020/.
During the last recession, big listed European companies saw their profits plummet by 51%, while presently they make 53% of their sales outside their home market. America is less vulnerable; the same figures are 30% and 31%, respectively.
Like in the 1970s, waves of various crises might hit Europe in the 2020s. The handling of the coronavirus crisis will foretell the effectiveness of the EU’s crisis management in 2022 and later.
Governor Matolcsy, MNB, the Central Bank of Hungary