And economic activity is recovering, as captured by the quite rational rally in financial markets. Bank of America analysts expect key indicators to point to an expanding euro-zone economy by September at the latest.
If infections from the novel coronavirus or another one like it do spike again, we will have had more time to keep researching existing drugs for possible treatments, as well as working on the more distant goal of a vaccine. The extra resources being poured into testing, medical research and hospitals should help us avoid the worst of both worlds — high excess deaths and blanket, economy-killing lockdown measures — even if cases climb.
The scenario of this virus simply disappearing, perhaps in the way the 2003 SARS disease did, remains a dream. Pandemics usually end when there aren’t enough people left to infect, or when human intervention — through vaccines, or brute-force measures such as isolation or quarantine — scores a decisive victory. We’re not there yet. But the feeling of getting closer is palpable, and worth relishing.
Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.