The chapter engages in a comparison between the Eurozone crisis and the pandemic crisis. The cartography of both crises follows two axes: endogeneity versus exogeneity, and symmetric versus asymmetric effects. It then focuses on the reactions of EU institutions to the pandemic crisis and their...

In 1999, the euro was launched on the basis of treaties structured around the new economic orthodoxy that replaced Keynesianism. The Great Recession, the Euro Crisis and now the Pandemic Crisis, all of them deflationary demand crises which are incompatible with such an orthodoxy, have had a...