Economy: don’t panic

With the rise in infections due to the Delta variant, the health crisis has returned to the headlines and the centre of political concerns and offers a good pretext to rebalance portfolios. But does it put the recovery at risk? No – for, as long as vaccines are effective against severe forms of the virus, restrictions similar to those that caused the 2020 recession are unnecessary. So let’s get back to fundamentals. The business cycle is determined by the availability of credit, ...