May 3, 2021

WHAT REMAINS:

Europe is back in recession. It's not just the virus. (Ryan Cooper, May 3, 2021, The Week)

Europe is in the unaccustomed position of being roundly whipped by the United States at a public health effort. Thanks apparently to bureaucratic disasters and widespread anti-vaccine paranoia, the coronavirus vaccine rollout there is going much more slowly than here -- the share of Americans with at least one vaccine shot is 60 percent greater than in Germany, and twice the figure in France (admittedly contrary to my own expectations).

As a result, many E.U. countries have been forced back into partial lockdowns, and the region's economy is suffering. Whereas America saw powerful economic growth in the first quarter of this year, the E.U. actually shrank slightly and is now technically in recession once more.

The European vaccine rollout does seem to be accelerating finally after the slow start, and E.U. authorities have planned some programs to goose their economy. But it's critical to realize that even before the pandemic hit, the E.U. had profound economic problems -- it basically never got even close to recovering from the Great Recession. 

Other than that, how's transnationalism working out?
Posted by at May 3, 2021 12:00 AM

  

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