Debt-ridden countries such as Italy will come to rely more and more on Germans and other northern Europeans to finance their debt. This will require a more unified Europe. Or the whole thing may collapse.
The lockdowns of the past month have not been conducive to the common good. While they have saved the lives of many people, they have also endangered—and are still endangering—the lives and livelihoods of many others. They have created a new and dangerous political precedent.
Government restrictions on production are driving prices up as unemployment drives them down. It's impossible to say now whether price inflation or price deflation will be the predominant factor in the crisis's next phase.