Better Virus Control May Help Europe to Outperform the U.S.

KEY INSIGHTS
■ Although the U.S. fiscal response to the coronavirus has been larger than Europe’s,
lockdowns in Europe have been more aggressive and have lasted longer.
■ Europe’s tougher measures will hit the economy hard but are likely to result in a
quicker recovery in consumer confidence.
■ If consumer confidence recovers quickly in Europe, the Continent’s economy is
likely to rebound more quickly than the U.S. economy.