In November 2022, the European Commission presented an ambitious plan to overhaul the existing economic governance framework for the EU which includes radical innovations both in the way in which national fiscal plans are formulated and in the governance structure that supports them. This column argues that while the Commission is right to look at NextGenerationEU as a positive model for economic cooperation, a new system of fiscal rules that goes in this direction requires us to think boldly about further steps in the direction of a political and fiscal union.