EUROPE/MACRO: Balancing the vaccines-lockdown-economics triangle

While planning and logistical challenges might explain the variation in vaccination rates across Europe, it is too early to draw conclusions about these differences. A majority of the population still supports lockdowns, but compliance with restrictions and certain groups' opposition are rising challenges. Despite the ever-increasing cost of extending furlough schemes, the policy debate is unlikely to move in favor of fiscal consolidation during the first half of the year. The challenges of vaccination At this point, there is a significant disparity in the speed with which