Launching major fiscal expansions in the wake of severe economic recessions is easy but reversing them as the economy improves is more difficult. This risks leaving some countries severely exposed in the wake of new shocks and challenges. This column argues that the economic recession caused by the Covid-19 pandemic and the subsequent rebound are clear cases in point. They are the most recent manifestation of long-standing issues in EU fiscal surveillance: (1) risk assessments are typically skewed to the downside, including during recoveries and (2) expenditure targets are not the anchor they ought to be. […]