Economic and social crises like those experienced in 2020-2022 are familiar from earlier European experiences. What is now the European Union originated in a common-market toolbox in the aftermath of World War II. It evolved through crises into a complicated and unstable set of policies and institutions. The COVID-19 and war in Ukraine reinforced policy coordination and added a novel common fiscal facility to that supranational policy framework, but renewed emphasis on governments and subsidies threatens the crucial role of integrated markets as the principal instrument for growth, cohesion, stability, and peace in Europe
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