"The high debt levels after the pandemic are well manageable for euro countries with a strong growth perspective. However, the situation is risky for countries where high debt levels are accompanied by a persistent reform backlog. The ECB will not be able to keep the risk premiums of problem states artificially low in the long term either, because this would constitute a violation of the ban on monetary state financing. The Corona reconstruction plan "Next Generation EU" must be a success and finally put countries like Italy on a growth path. Only then can the Eurozone escape the next debt crisis."