It goes without saying that the effects of the coronavirus on economic and social life have been severe. In China, large parts of the country were placed in lockdown for more than six weeks and the impact on Chinese GDP is going to be severe. In the West, governments were slow to enact quarantine measures. The combination of uncertainty and the deteriorating outlook for consumption resulted in severe declines for practically every advanced economy stock market. Europe’s leading blue-chip index, the Eurostoxx 50, has lost nearly 40% of its value since mid-February. The UK’s FTSE has lost nearly 30% of…

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