Managing the euro crisis has been a process of institutional transformation for the EU. The European Semester has emerged as a powerful tool for economic policy coordination between the Member States. Beyond the new enforcement tools that the Semester affords the Commission and Council in case of noncompliance with country-specific recommendations, the management of the crisis has given the Commission experience in structural reforms. The Commission now regularly uses this experience in formulating its yearly country-specific recommendations to Member States. Far from a stalwart of untethered neoliberalism, the Commission has been fashioning itself as the manager with a human face, the institution that understands both the structural reform requirements for a global economy and the special need for strong social institutions that could shield European citizens from the worst of the shocks provoked by globalized markets. Hence the name, “Structural Reforms 2.0,” per the Juncker Commission.1