Covid-19 to send almost all G20 countries into a recession: The euro zone will be one of the hardest hit regions, posting a full-year recession of 8%. Germany (-6.1%), France (-8.8%), and Italy (-10.8%) will register full-year recessions. The depth of the crisis will expose tensions and political divides within the currency bloc. Monetary and fiscal policy levers are being used to the full across the bloc. The European Central Bank (ECB) is playing an important role in maintaining market sentiment, keeping access to financing open even for the more indebted members of the euro zone, and dampening the risk of a debt crisis.