ViewpointsOpinionNew Lockdowns Could Lead Europe to Economic DepressionSavePrintEuro coins in front of the European Union flag. Philippe Huguen/AFP/Getty ImagesDaniel Lacalle9/20/2020|Updated: 9/23/2020CommentaryThe rise in COVID-19 cases in countries such as France and Spain has increased the risk of new lockdowns.We had a problem loading this article. Please enable javascript or use a different browser. If the issue persists, please visit our help center.Share this articleLeave a commentDaniel LacalleAuthorDaniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat” (2015), and “Life in the Financial Markets.”websiteAuthor’s Selected ArticlesOne Year In, Trump’s Economy Defies the Experts and Outpaces G7Dec 27, 2025The US Manufacturing Sector Wins While Net Zero Destroys Industry ElsewhereDec 02, 2025The US Outgrows All Its Major PeersNov 03, 2025US Economy Defies Recession and Stagflation PredictionsOct 04, 2025Related TopicsEuropean UnionEuropeeurozoneeconomic recoverylockdownseconomic depression