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In addition to supporting the income of those unable to work and minimising negative effects on demand, the policy package could also be instrumental in shaping the future of Europe.The crisis provided an opportunity to address the major challenges facing the European economy, such as climate change and digitalisation. The crisis response is also historic as it led to the first joint European issuance of debt on a large scale. The joint debt issuance could turn out to be a cornerstone of the capital markets union. The crisis has affected European economies differently, and recovery needs to focus on stronger financial integration if cohesion is to be maintained within the European Union.

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