Migrant Labor, Court Interference, U.K. Reopening Plan: Eco Day

(Bloomberg) -- Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The coronavirus pandemic has reversed some of Europe’s migrant labor flows almost overnight, leaving eastern countries with an abundance of workers. The question is whether they’ll stay once the crisis is over
• Italy’s debt load is so big that the country’s only chance is to get help from the European Union, according to Austrian Chancellor Sebastian Kurz
• Central bankers who typically forecast the economy’s trajectory in simple ranges are now resorting to scenario projections, underlining the difficulty in pinning down the pandemic’s impact
• Boris Johnson watered down his plan for rebooting the U.K. economy after employers and labor unions said many workplaces are not yet ready to return to work
• Germany’s top court is trying to interfere with ECB independence by ruling that a crisis-fighting program is potentially unconstitutional, according to policy maker Olli Rehn
• Almost a quarter of jobs in the U.K. are at risk due to coronavirus, with low earners most vulnerable, according to McKinsey. Meanwhile, almost one in every five companies in Germany let staff go in April
• The Fed, which cut its primary interest rate to near zero March 15 amid the coronavirus downturn, doesn’t anticipate resorting to negative rates
• The pandemic will likely suppress prices only mildly, San Francisco Fed research shows, while automation may help mitigate job losses and the depth of the recession
• Scarred and scared, the reshaping of American consumers begins
• Nigerian manufacturers are struggling to stay in business as a foreign-exchange shortage spawned by the oil-price collapse makes it harder to import raw materials

©2020 Bloomberg L.P.