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A battle has been won against Covid, not the war.
Extreme measures are justified by the criticality of the moment.

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The worst seems to have passed but the recovery we are seeing is not comparable to those of the past: this will be more "explosive" and lasting but with some side effects that the market persists in ignoring.

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2021 is confirming itself, as we feared, to be very contradictory. We are clearly at a delicate turning point on three fronts: economic, financial and pandemic. The exit from the pandemic tunnel seems close and the global economy may be on the threshold of a historic economic boom. But it's not all gold that glitters: the huge injections of liquidity and public spending will not be exempt from side effects partly worse than the problems they would have wanted to solve...

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