Lockdowns in Europe test ECB stimulus wind-down timeline

The return of lockdowns to stem Europe's latest wave of Covid-19 cases risks sapping the economic recovery and calling into question the timetable for the European Central Bank's wind-down of emergency stimulus.

Foto: AP/Frank Augstein

Austria on Friday became the first country beyond the continent's less-vaccinated east to reimpose widespread restrictions after curbs on people who haven't been immunized failed to halt soaring infections. Germany refused to rule out a similar step, while the Netherlands has already ordered shops and bars to close early.

The bright spot is further west, where people in France, Spain and Portugal have embraced vaccination far more enthusiastically, resulting in manageable caseloads...

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