Covid-19 is a symmetric shock with asymmetric outcomes. Existin imbalances within Europe such as public debt, economic models or vision for the union, turn to cracks and the EU is facing fragmentation risks. However, the EU should be able to get over it as it did with the Global Financial Crisis.
The Conference on the Future of Europe, planned earlier this year, will probably open in September in a very different context than initially thought. Who will chair it and whether or not a new treaty for the union will be at the agenda is still unclear, but what is clear is the need to strengthen both the institutions and the financial architecture of Europe. Indeed the European Union (EU) is suffering from a risk of fragmentation along several lines, which could deeply undermine its ability to deal with the upcoming decade challenges.
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