A man walks his dog along a street lined with closed cafes and stores in Madrid, Spain, on May 7. Italy and Spain, the two European countries most severely hit by the coronavirus, are suffering even deeper economic slumps after record contractions in the first quarter. Photo: Bloomberg
Opinion
Opinion
Macroscope
How the coronavirus has exposed the global economy’s pre-existing vulnerabilities – an overdependence on easy money
- While lockdowns and other pandemic-related restrictions have hit economies hard, the world was already grappling with record levels of debt, asset inflation and an over-reliance on monetary stimulus
A man walks his dog along a street lined with closed cafes and stores in Madrid, Spain, on May 7. Italy and Spain, the two European countries most severely hit by the coronavirus, are suffering even deeper economic slumps after record contractions in the first quarter. Photo: Bloomberg