The tragedy of COVID-19 poses unprecedented challenges for European economies. The lack of effective common crisis-management mechanisms has called into question the fitness of the EU institutional architecture. Early national responses portray a divided and divergent Europe: insurmountable gaps separate fiscal responses (e.g. Germany vs. the periphery). The trends open a window of opportunity for further uniting Europe, while - unaddressed - posing an existential threat for the future of integration. Extraordinary measures (e.g. SURE and NGEU) mark a critical albeit temporary first step towards a common crisis-response fire-power. Ahead of the Conference on the Future of Europe the path towards a comprehensive (federal) fix for the EMU is perilous and uncertain while the pandemic reinforces the critical need for ambitious reforms.