The EESC is concerned to note the euro area's economic downturn and the gradual end to a fall in unemployment, wedded to the persistent higher incidence of risk factors affecting economic performance. It is the European Green Deal that the EESC sees as the backbone of the future EU and euro-area economic configuration – the potential start of a fundamental change and a turning point. If managed successfully, it could move Europe up a gear economically and socially; if not, its failure could fatally jeopardise the integrity of the EU.
The absence of economic and social convergence among Member States and regions is a threat to the political sustainability of the European project and all the benefits it has brought to European citizens. Developing economic and labour market resilience with economic, social, environmental and institutional sustainability should be the principle guiding policies. This will foster upwards convergence and fairness in the transition towards a climate-neutral economy while managing the challenges posed by digitalisation and demographic change.
Although considerable progress has already been made towards completing EMU, there is still a need to significantly reinforce all four of its pillars, taking care to maintain the balance between them, as neglecting one or more of these pillars could result in dangerous disparities. Resilience to crises is a necessary, but not sufficient, condition for completing EMU: it also requires a positive vision, as set out in Article 3 of the EU Treaty. The EESC generally calls on the European institutions and national governments to take much more ambitious action in the context of EMU reform in order to achieve a more integrated, more democratic and socially better developed Union.
In the opinion, the Committee states that taxation policy in general and combating tax fraud in particular must remain a priority for the next European Commission. In this line, the EESC endorses a debate on gradually shifting to QMV and the ordinary legislative procedure in tax matters, while recognising that all Member States must at all times have sufficient possibilities to participate in the decision-making process. Moreover, the Committee believes that any new rule must be fit-for-purpose and that certain conditions need to be met to successfully implement QMV: a sufficiently strong EU budget; better coordinated economic policy; and a substantial analytical work assessing to what extent current tax measures have been insufficient.
Criticism raised by civil society mainly concerns questions about the legitimacy, consistency and transparency of this arbitration system. A new model for international investment governance needs to be developed, in order to fill the significant gap between the investment system on the one hand and effective protection of labour rights and the environment on the other.