As you will remember, the way out of the 2010 eurocrisis consisted of acute, collective help for individual countries and banks – but also the creation of several European institutions to increase the EMU’s resilience. We now have common supervision of major financial institutions, a single resolution fund for failing banks, and the European Stability Mechanism to help when sovereign nations get in trouble.
And more recently, we also set up a Recovery and Resilience Facility to collectively and effectively tackle the economic outfall of the pandemic. So now that the EMU has proven itself to be an adaptive project, where do we go from here? This is, of course, mainly a political question.