This event reviewed the state of play of the economy in Europe, as well as looking at the economic prospects for 2021. Speakers agreed that the slow roll-out of vaccination, coupled with the restrictions imposed by governments in the light of COVID-19 could hamper the recovery. Fiscal policy has been crucial to save jobs and businesses from bankruptcy and there was agreement that fiscal support should continue in the short term. However, after the pandemic and the expected end of public support, jobs were likely to be lost and businesses bankrupt, anyway. In that context, speakers stressed the importance of targeting fiscal aid to firms that were likely to remain viable in the post-pandemic phase. A possible revision of the Stability and Growth Pact rules was also discussed, given that all EU countries are experiencing higher levels of deficit and debt. The discussion also touched upon the Recovery and Resilience facility, which offers an important opportunity for member states, not only in terms of spending, but also as a tool for reform.