Before COVID-19 hit, European economic policy-makers already thought they had a full plate: the economy was slowing as the world economy cooled, but interest rates and inflation were still very low; the scars of the last crises were still visible, for example in the levels of public debt or underemployment; potential growth was low and the economic gains were not shared by all groups in society or regions in Europe; and populations were aging while climate change continued at unsustainable speed. Then came the pandemic.

What are the most important economic challenges facing Europe over the coming decade? What if any lessons can we learn from history about how to (and how not to) address large stocks of public and private debt? Is the European recovery fund the Hamiltonian moment many progressives were hoping for?