I expect that as the lockdowns cost about 80 billion euros last time and we are no longer living in the spending paradise where the government basically gets paid for borrowing money they can choose between no lockdown or lockdown without supporting businesses. And the latter means either the businesses will not accept and implement the lockdown or half of them will collapse and tank the economy.

Its all cleverly excused by the Ukraine war but that is of course not the only reason for the enormous inflation; it’s also the monumental economic damage caused by the COVID measures.