This policy brief warns about the risks of discontinuation of the policy responses to the COVID crisis by pursuing exit strategies too early and/or too sharply. It outlines a comprehensive strategy for limiting such risks at a global level, and offers an in-depth discussion of the EU situation. In our view, the Euro Area could be left with long-lasting scars, so that its situation requires special treatment. We therefore present some policy proposals designed to preserve and strengthen the recovery in this area.