In response to the challenges of the COVID-19 pandemic, central banks have once again massively intervened in government bond markets to stabilise the international financial system. This paper intervenes in the debate around how we should rethink the relationship between monetary and fiscal policy. Do we need to abandon the model of ‘monetary dominance’ on which the Euro was built, and which prescribed activist monetary policies accompanied by sound (read conservative) fiscal policy and low public debt? Is it time to return to the Keynesian age of fiscal dominance, where central banks were subordinated to governments using fiscal levers to pursue the structural transformation of their economies?