This article analyses from a law and policy perspectives the measures adopted by the European Union (EU) to address the devastating economic effects of COVID-19, assessing their implications for Europe's economic and monetary union (EMU). The article first sets the background by exploring the main features of EMU before COVID-19. Subsequently, it examines the multiplicity of policies deployed by the EU institutions to contain the socio-economic damages of the pandemic – including, most crucially, the EU recovery fund "Next Generation EU" – and underlines their transformative effect on the EU architecture of economic governance. As the article argues, the responses to COVID-19 have produced a significant rebalancing of EMU, bridging the asymmetry between EU monetary and economic policy. Finally, the article considers whether the COVID-19-related responses are likely to be only temporary, or rather a new normal for EMU, and sheds light on further constitutional adaptations which are needed to sustain this unprecedented transfer of fiscal power to the EU level.

中文翻译：

---

对 COVID-19 的经济反应的法律架构：大流行之外的动车组*

本文从法律和政策的角度分析了欧盟 (EU) 为应对 COVID-19 的破坏性经济影响而采取的措施，评估了这些措施对欧洲经济和货币联盟 (EMU) 的影响。本文首先通过探讨 COVID-19 之前 EMU 的主要特征来设置背景。随后，它审查了欧盟机构为遏制大流行的社会经济损害而部署的多种政策——包括最重要的欧盟复苏基金“下一代欧盟”——并强调了它们对欧盟经济体系结构的变革性影响。治理。正如文章所指出的，对 COVID-19 的反应已经产生了欧洲货币联盟的重大重新平衡，弥合了欧盟货币政策和经济政策之间的不对称。最后，