The European economy slowed more than was forecast in the last quarter of 2019, and it is still facing geopolitical risks while it braces for the full impact of Brexit in a few months. Now the coronavirus outbreak has become an economic risk: after Italy imposed a strict quarantine on at least 10 northern towns, it is no longer a distant danger in either space or time.

This comes at a moment that could put not only the EU’s economy, but its politics and institutions, under serious stress.