Can Europe Save the Holidays From COVID-19?

European governments will soften some lockdown measures for the holiday season to boost domestic consumption and reduce the probability of social unrest. Their plans to start distributing COVID-19 vaccines in early 2021, meanwhile, will face significant logistical obstacles. The reintroduction of lockdown and social distancing measures in Europe in October and November has had a negative impact on economic activity, increasing the probability of countries once more falling into recessions. Governments across the Continent hope that a softening of these measures during the holiday season will lead to stronger economic activity. They also fear that banning people from meeting during the holidays will spur more social unrest. ...