Financial Times lo cuenta con bastante precisión:

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Financial Times, 18 septiembre 2020. Diverging fortunes for Europe’s two-speed economy…

“… In normal times Gran Vía in the heart of Madrid is Spain’s shop window to the world, but now the 100-year-old boulevard bears testimony to the economic pain of coronavirus — and a growing divergence at the heart of the eurozone.
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But as coronavirus spread across Europe in the first half of this year, Spain’s economy contracted by 22 per cent, almost twice Germany’s fall of 12 per cent. The recovery is also playing out differently: German retail sales have been above pre-pandemic levels since May, while in Spain they are still lagging behind.
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Spain is also afflicted by structural problems such as a dysfunctional labour market — youth unemployment is over 40 per cent — and a high proportion of small companies lacking deep enough pockets to withstand the crisis.
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Economists warn that this two-speed recovery — in which Europe’s fiscally stronger north is rebounding faster than the more heavily indebted south — is set to increase financial market strains, fuel political tensions and complicate the task of policymakers in Brussels and Frankfurt.
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Spain’s recovery plan has become the subject of political bickering; Madrid has yet to set out detailed proposals for spending the €140bn of EU funds it is due to receive over five years. While the leftwing minority government pushes parliament to pass Spain’s first budget for more than two years, the centre-right opposition wants an independent agency to administer the spending, to avoid it being distorted by clientelism and political considerations.
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Vítor Constâncio, former vice-president of the ECB, said there was a danger that fears about rising debt levels could lead southern governments to hold back spending and wait to receive the EU funds later in 2021. “If these countries delay spending next year, it will widen the economic divergence, with all the financial, social and political consequences that brings,” said Mr Constâncio…”. Financial Times, 18 septiembre 2020. Daniel Dombey in Madrid and Martin Arnold in Frankfurt, “Germany in the north is rebounding from the pandemic more strongly than southern nations like Spain”. Diverging fortunes for Europe’s two-speed economy.

Las negritas son mías.

Dicho de otra manera:

-Menos producción de riqueza.

-Agravación de la pobreza.

-Enfrentamientos a cara de perro para “gestionar” (cuando sea el momento, todavía muy lejano) el dinero prestado o barato que ofrecerá la Europa que se recupera más rápido y mejor, agravando sus distancias con la Europa periférica, comenzando por España.

-Enfrentamientos que dan una imagen lamentable, atizando la desconfianza de quienes se espera dinero para ir tirando, a garrotazos.

Europa va mal, España mucho peor … retroceso histórico, en tiempos del coronavirus.

La economía en tiempos del coronavirus … España, epicentro de la recesión en Europa.

España en tiempos del coronavirus … el duelo a garrotazos agrava la crisis económica y social.

España.
Economía.

Europa (s).