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On 18 June 2020, a vast majority of the European Parliament voted in favour of a permanent sub-committee on the topic of tax fraud, tax evasion and tax avoidance. On the same day, the US announced their exit from OECD negotiations on a digital tax.

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On 8 June 2020, members of the European Parliament Economic and Monetary Affairs Committee (ECON) questioned the President of the European Central Bank, Christine Lagarde, on the ECB’s crisis-response measures in the context of the Coronavirus crisis.

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The Just Transition Fund and the European Social Fund Plus are key financial buttresses of the EU’s social agenda. In view of the challenges of a preferably green, digital and social recovery within the course of the Covid-19 crisis, the Commission now intends to increase both funds – compared to the original Commission proposal.

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Frank Ey

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On 27 May 2020, it finally happened: The Commission presented its eagerly awaited recovery plan. 500 billion Euro shall put the European economy back on its feet and pave the way for forthcoming transformations; further 250 billion shall help individual Member States with favourable loans.

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Having published the Country Reports in February 2020, on 20 May 2020, the Commission presented the country-specific recommendations within the scope of the European Semester. The social and economic consequences of the Coronavirus crisis have set a completely different course.

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On 29 April, Didier Reynders, Commissioner for Justice, announced his intention to proceed with a European regulation on mandatory corporate due diligence. Whilst the public consultation is to start in the coming weeks, a proposal for a legal initiative has been planned for the beginning of 2021. In doing so, the long-term efforts of civil society and individual MEPs might bear fruit, reaching an important first milestone.

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On 6 May, Commissioner for Economy Paolo Gentiloni presented the Spring 2020 Economic Forecast. The EU is faced with a recession of unprecedented scale. However, there are also grounds for hope.