At the beginning of February 2020, the European Commission launched the debate on reforming the Stability and Growth Pact. The Austrian Chamber of Labour took part in the public consultation and underlines: Europe needs a reform of its fiscal rules, which should focus on the sustainable development of wealth and wellbeing in der EU.

On 21 July 2020, following weeks of tough negotiations, the European Council agreed the largest budget and financial package in the EU’s history. Even if, under pressure of the “Frugal Four“ grants were cut in important sectors, the joint politico-economic instrument is a big step in the right direction.

On 15 June 2020, the Commission presented a new Tax Package. On the same day, the European General Court (EGC) issued a ruling, which once again clarifies the already known tax-related regulatory requirement.

The demands for an EU law on due diligence is gaining more and more supporters. Following the announcement of EU Commissioner for Justice, Didier Reynders in April to present a Commission proposal at the beginning of next year, there are now more voices that support such a law. The new German Presidency also makes the subject of due diligence one of its priorities.

When the heads of state and government meet next week to negotiate Europe’s economic recovery, there will be women sitting at the table – however, they hardly play a role in the recovery plan itself. A petition wants to change this.  

On 7 July 2020, the Commissioner for Economy, Paolo Gentiloni presented the Summer Economic Forecast 2020. And he brought bad news with him: the recession might be even deeper than anticipated in spring.