The political consequences of economic woes are daunting. With nationalist parties gaining strength, disruption in major industries and labor markets could boost populist sentiment. And lost in the near-term focus on COVID-19 are negotiations on post-Brexit trade relations, which are not off to a strong start.

Battalions of euros and pounds will be needed to head off deepening economic sorrow in Europe. Policymakers are to be lauded for minimizing short-term disruptions created by the coronavirus, but the ultimate cure for the continent requires reforms and coordination that have proven elusive. Without the will to do what’s necessary, Europe will continue to face a sea of troubles.

Carl R. Tannenbaum is executive vice president and chief economist at Northern Trust. Ryan James Boyle is a vice president and senior economist within the Global Risk Management division of Northern Trust. Vaibhav Tandon is an associate economist within the Global Risk Management division of Northern Trust.

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