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Faced with the deepest economic crisis in its history, the European Union established a seminal COVID-19 recovery package relying on common debt. This book analyses the European Council's key role as a crisis manager and transformative force of the EU system. Combining thick descriptions of the history-making events of 2020-21 with EU theorising, we explain and critically assess the innovative set-up of the recovery package. Inside the European Council, we find a remarkable impetus for political consensus among national leaders. However, their detailed and ambiguous decisions at times came at the cost of political delay, legal uncertainty, and thin public scrutiny.