ECB’s Guindos Hopes That Tourism Season Won’t Be Totally Lost

(Bloomberg) --

European Central Bank Vice President Luis de Guindos said there’s a chance that the tourism season in the region’s south can be at least partially saved as governments start to speed up vaccinations against Covid-19.

Tourism is crucial for many countries in Southern Europe, and accounts for 14% of the economy in Guindos’s native Spain. It’s even more important for Portugal and Greece, generating 17% and 21% of output. It’s often the main employer in regions where other industries are absent, providing crucial income for families and support for local economies.

“It’s going to depend on the evolution of the vaccination process,” Guindos told reporters on Thursday.

“If vaccination rollout gains momentum, and we expect that it is going to gain momentum, we hope that a high percentage of the population will be vaccinated,” he said. “This is a positive sign, a positive indication that perhaps the summer season will not be totally lost, as it was in 2020.”

Guindos comments come amid signs the vaccination rollout in the European Union is picking up after a faltering start. Still, data reveal that national vaccination campaigns vary significantly across the bloc, even though all member states had access to the same number of doses relative to their population.

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