Innate immune system

• Larry Elliott, An Italian financial crisis is certain — the big question is how contagious it is, The Guardian, March 10, 2020

Italy’s response to the coronavirus will bust Europe’s budget deficit rules, no question, leaving Europe’s policymakers with a choice. Do they take the opportunity to rebalance policy so that governments have greater leeway to borrow and the ECB is not required to provide all the stimulus? Or do they treat Italy the way they treated Greece and insist there is no alternative to austerity? Italy is much bigger than Greece and the consequences of making the wrong choice should be obvious. [Read more].