In economic terms, the second wave of the pandemic in Europe has been less severe than the first. Official lockdowns have been less harsh and more targeted, according to EU Economic Commissioner Paolo Gentiloni. But new ING research shows that other forces may be at work as well, including lower levels of voluntary social distancing. In this podcast, ING's Bert Colijn discusses whether the trend will continue in the face of new mutations and a relatively slow vaccine rollout.