This article is the English version of: Vivien A. Schmidt, « Gouvernance économique européenne : entre erreurs passées et promesses d’avenir », published in Politique étrangère, Vol. 87, Issue 4, 2021.

The responses to the Covid-19 crisis, in which the rules of the Stability and Growth Pact (SGP) were suspended and the European Union (EU) took on significant EU level debt for the purposes of redistributive solidarity, constitute a great leap forward for the EU. They also represent a tacit acknowledgment that the policies put in place in response to the Eurozone crisis, focused on “governing by rules and ruling by numbers”, with punitive conditionality for countries in trouble, were not fit for purpose. The question for today is: Will the EU go back to the status quo ante of the Eurozone, focused on rules-based, numbers-targeting governance, with limited common EU instruments for investment in the future? Or will it instead move beyond the Eurozone and Covid-19 crisis effectively and democratically, toward more sustainable and equitable growth and prosperity for all Europeans?
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