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The pandemic will completely shake up the EU‘s economic governance in five ways: EU debt is possible and will become a reality; the EU and the Eurozone get a fiscal capacity; the European Semester will be history; the crisis managament architecture is politically questioned; and the Eurozone loses its relevance for EU decision-making. Taken together, these five lessons from the pandemic will render the old pre-pandemic Eurozone reform agenda obsolete. EU institutions should use the coming 18 months to prepare a new reform agenda for EU economic governance that can deliver tangible results before the next EU long-term budget will be negotiated.