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This study, commissioned by the European 合法博彩网站鈥檚 Policy Department for Citizens鈥� Rights and Constitutional Affairs at the request of the AFCO Committee, examines the fiscal responses of the EU to the Covid-19 pandemic and the war in Ukraine. It claims that the law & policy tools developed to address these crises have led to the establishment, and consolidation, of an EU fiscal capacity 鈥� contributing to overcoming the original imbalance of the EU鈥檚 Economic & Monetary Union. Nevertheless, the study claims that these developments now require appropriate institutional adjustments, and considers options to achieve them.