A New Era for Europe - How the European Union can make the most of its pandemic recovery, pursue sustainable growth, and promote global stability

The onset of the COVID-19 pandemic brought Europe to a standstill that spurred the European Union to an unprecedented level of cooperation and joint decision making. The EU and its Member-States met the global health challenge with by becoming the vaccine factory of the world and launching an ambitious transformation of its society funded by unprecedented European joint public borrowing. As a result, two years after the first three cases detected were reported in France on 24 January 2020, the economy has begun to recover and the EU is ready to consider its next steps. A triple transition of climate, digital and social change must be part of the EU's strategy in the coming years. In this article, the authors explore the financial, political and environmental challenges ahead and put forth a series of recommendations to secure the best outcome for the EU in five areas: enabling the triple transition; fair and effective taxation for the triple transition, moving towards a Health Union, strengthening Europe’s role in the world, and making the governance of the Union fit for purpose.