In the last two years, Europe has experienced the worst crisis in its history and the EU's policy response to the pandemic has been fast, powerful, and well-coordinated. While "NextGenerationEU" can support sustainable growth and contribute to economic convergence, European integration will also need further initiatives to deepening our monetary union and strengthening European sovereignty. In this seminar, Nicola Giammarioli - Secretary General of the European Stability Mechanism - will discuss the review of the economic governance framework recently re-launched by the European Commission as an opportunity to make the European architecture more effective and robust, also taking into account the progresses needed in the completion of banking and capital markets union. In this respect, Mr Giammarioli will also present the ESM's contribution to the process, focusing on the backstop to the Single Resolution Fund, as well as on the implementation of the other elements of the ESM mandate.