On 6 December 2022, EU Finance Ministers will deliberate on the EU Commission’s guidelines for reforming the fiscal rules. These shall pursue more realistic medium-term targets and include reforms and investments, which are negotiated between Commission and Member States. What is lacking though is a comprehensive reform comprising a European economic policy being geared towards the sustainable development of welfare and wellbeing, a democratisation of decisions by strengthening the EU Parliament and an expansion of the budget leeway by a golden investment rule or a new EU investment fund.