With accounts in good order, Germany will be a post-coronavirus winner

Fiscally sound governments will be able to pump money into their companies unhindered by state-aid rules

All great economic crises pose two equally important challenges: they drain the liquidity necessary for the functioning of businesses, large and small, and burn up their equity capital, or a substantial part of it. Of the two, the former is the immediate challenge amid the coronavirus-induced lockdowns. Providing liquidity to companies is the top priority to ensure their survival. Yet this doesn’t guarantee their healing, or their ultimate durability and growth. Equity capital, the stuff that’s needed to invest and thrive, is essential to the second stage of recovery.

Today, many businesses have seen their revenues almost vanish and, therefore, find