The evolution of European economic institutions during the COVID-19 crisis???PALABRAS CLAVE

This article argues that the incomplete economic and institutional integration of the euro area has exposed the monetary union to increasing economic divergence, which could be deepened by the COVID-19 crisis. We discuss how monetary and fiscal measures implemented at the onset of the pandemic have contributed to mitigate the economic consequences of lockdowns, but provided limited insurance to narrow economic gaps across member countries. However, EU countries agreed on July 21, 2020 to develop, for the first time, countercyclical fiscal transfers financed by common debt issuance. We discuss the potential of this instrument to contribute to improve the resilience of the eurozone. ?? ???,???????????????????????????????,????????????(COVID-19)??????????????????????????????????????????,??????????????????????????,?????2020?7?21???????????????????????????????????????????????? Resumen Este articulo sostiene que la integracion economica e institucional incompleta de la eurozona ha expuesto a la union monetaria a una creciente divergencia economica, que podria verse agravada por la crisis del COVID-19. Analizamos como las medidas monetarias y fiscales implementadas al inicio de la pandemia han contribuido a mitigar las consecuencias economicas de los bloqueos, pero han proporcionado un seguro limitado para reducir las brechas economicas entre los paises miembros. Sin embargo, los paises de la UE acordaron el 21 de julio de 2020 desarrollar, por primera vez, transferencias fiscales anticiclicas financiadas por la emision de deuda comun. Discutimos el potencial de este instrumento para contribuir a mejorar la resiliencia de la eurozona..