Abstract
This contribution will analyze the significance and legacy of Next Generation EU (NGEU). It will start by providing a snapshot of the state of the EU's Economic and Monetary Union (EMU) before the pandemic struck in 2020. It will then map out NGEU's likely legacy, arguing that NGEU may change the way the EU raises and spends revenues in the future. The essay will finish by reflecting on how NGEU may change our interpretation of important elements of EMU and affect the ongoing debate about the future of fiscal integration within the EU.
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