“The slow vaccination process and the fear of a lagged recovery will continue to cause a reduction in risk assets,” say analysts at Link Securities, although it is true that “sooner or later, vaccination will take effect and one must be positioned for the day after,” say the experts at Intermoney. Between both feelings, the Covid-19 vaccination campaign is one month since it started in the EU. Figures are still far from the rates needed to achieve the immunization objectives. Spain would have to multiply by 5.6x the current rate of daily doses administered.