The pandemic brought the European Union together as never before. The Next Generation EU budget and recovery plans, with their focus on greening and digitalization, have underscored the power of working together. Yet, Europe faces several challenges ahead that will interplay with each other. Those include high levels of public debt, the withdrawal of COVID support measures, or an increasing inflationary pressure that may challenge the current ultra-loose monetary policy. In a context where Europe feels more isolated than ever, what are our main challenges as the recovery takes hold? How can Europe “level-up” as it emerges from the pandemic? What are the opportunities and risks in policy and geopolitics?