The COVID-19 crisis is likely to accelerate many underlying, secular disruptive forces already affecting economies and financial markets. This may only increase the difference between those companies, sectors, and countries that are being disrupted, and those that are acting more like disruptors. Distinguishing between the two is becoming crucial.

The U.S. political focus has shifted to the reopening of the economy.

A committed and decisive fiscal/monetary partnership to tackle the economic crisis is urgently needed, but Europe continues to lag behind. European policymakers face a moment of truth.