Second quarter vaccination efforts will be key for eurozone economies’ reopenings. For lost ground to be made up, promised supply needs to come in, vaccine take-up needs to improve and logistics need to be ready. If that’s the case, eurozone reopenings are a lot closer than many think
The EU has had a rough start to the vaccination process.
Delayed supplies have followed a slower start than in other advanced economies, concerns about vaccine side effects impacting take-up, and rows with suppliers have turned the mood on the EU vaccination process so frosty that the Pfizer vaccine could be stored in it.
In this piece, we look ahead to see whether vaccination efforts can keep the eurozone economic recovery close in timing to the US and UK.
A rough start indeed
Most eurozone countries started the vaccination process with symbolic jabs at the end of 2020. The process has been one disappointment after another with a slow pace across the board. While individual countries have seen different teething problems, it seems that they are all in the same boat. A very similar amount of vaccines have been provided in most countries, all-around 15% of the population at this point. That compares to numbers between 40 and 50 percent for the UK and the US.