The COVID-19 crisis has the potential to lead to long-term stagnation in the European Monetary Union (EMU). Especially the following challenges can be identified: a lack of labour market institutions can lead to nominal wage cuts and deflation; the lack of a strong fiscal centre can lead to an...

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...

The aim of the 'Five Presidents Report' cited in the title acknowledges that an important driver of the European economic crisis has been the faulty original design of the Monetary Union, and that substantial steps are urgently needed towards the creation of truly supranational institutions. Yet...