“But ultimately it all comes down to actual programmes of inoculation.
“What we are seeing here is that we have got the US and the UK that are motoring on incredibly efficiently.
“But we have this administration with a poor rollout in Europe.
“The problem with that is that there is a high correlation between the inoculation or vaccination rate and opening up with a real economy.”
Mr Street added the EU could expect to suffer from weak consumer demand and employment issue as a consequence.
He continued: “It is difficult to see, in Europe, how quickly they are going to be able to open their economy.
“If anything they are going the opposite way compared to the UK and the US.
Mujtaba Rahman, managing director for Europe at the Eurasia Group, said the EU’s slow rollout is part of the Commission’s “failures on health policy”.
She said: “Europe’s pandemic can be viewed through the Commission’s failures on health policy and its successes on economic policy.
“My sense is that it will be hard for the Commission to say that its failures on health mean it should have more control of Europe’s health policy.
“However, if the Covid recovery fund results in serious reform, that could be a catalyst for more European integration.”