It’s not all sunshine and roses being Europe’s benchmark borrower. Germany has a unique problem in that its AAA-rated debt is so revered as collateral that it’s very expensive to actually buy. The country’s debt agency has sharply increased its second-quarter borrowing program to 130 billion euros ($140 billion) to help pay for the Covid-19 crisis. Given that investors already ...

In the midst of the constant up-and-down of coronavirus news, both from science and the markets, it’s easy to lose sight of the scariest scenario of them all: the one where there’s no magic bullet. In this entirely plausible situation, there would be no effective Covid-19 vaccine or transformative therapy; the combination of testing and contact tracing wouldn’t successfully suppress ...

The instruction given by Boris Johnson to the British people on March 23 was dead simple: “You must stay at home.” The pithiness and urgency of that message, the alarming rise in deaths, and the UK prime minister’s subsequent hospitalisation with Covid-19 all reinforced the instruction. People got it. Some say it was too successful. Many Britons don’t seem to ...