We have to accept the reality: 2021 will still be very bad in Europe

Euro-zone growth in 2021 are expected to be 4.2% by the European Commission, 3.9% by the ECB and 4.7% by the IMF. However, given the emergence of more contagious variants of the virus and the slow pace of vaccination, growth in 2021 will be lower if restrictive measures (lockdowns, curfews, shop closures, etc.) have to be maintained for a significant part of the year. The main problem is that the worse 2021 will be in the euro zone, the greater the lasting negative effects of the crisis: disappearance of companies and job losses, increasing debt and deteriorating balance sheets for companies, excess money creation, bubbles and financial instability.