Together with the ECB, the EU Commission has long been discussing the introduction of a digital euro to complement coins and banknotes. On 28 June 2023, it finally published a first legislative proposal. The thrust of the central bank digital currency is now also clear: it is about free access to an alternative means of payment - for private individuals. The EU Commission is not only hoping for more financial inclusion; consumers should also benefit from the security and anonymity of the digital euro.

With very high saving rates, around 17% of the assets of private EU households were held in form of financial securities (shares, bonds, etc.). By comparison, this share is 43 % in the USA. With a package to protect and empower retail investors, the EU-Commission wants to contribute to increasing consumer interest in the EU capital markets. On 24 May, the long announced proposal was presented. At the centre of the public debate is a commission ban for financial advisors, or rather its hesitant implementation.

2023 could be called a "hot trading year" for the EU. In light of the pandemic, the war and the climate crisis, calls for diversification and resilience are getting increasingly louder, which is why alternative trading partners are being sought. South America, in particular, is interesting for Europe not only as an export market, but also from an import perspective, as it offers not only critical raw materials but also potential for the expansion of renewable energies.

The European Semester Spring Package was presented on 25 May 2023, which, according to the European Commission, shall secure the EU's long-term prosperity, competitiveness, equity and resilience. There are good approaches, such as the promotion of women and disadvantaged groups in the labour market. However, a fair transition in which no one is left behind is still far from becoming a reality.

The energy crisis in the wake of Russia's war of aggression against Ukraine revealed major weaknesses in the design of the EU electricity market. The high prices lead to excess profits for electricity producers, burden consumers and damage the competitiveness of European industry. The strong price fluctuations result in an uncertain environment for investments in renewable energy.

Environmental, social and economic challenges are closely interlinked and can no longer be discussed in isolation. On the initiative of 20 MEPs from five political groups, and with the support of more than 60 partner organisations, the Beyond Growth Conference took place from 15 to 17 May 2023 in the EU Parliament in Brussels. In 20 focus panels and 7 plenary discussions, the conventional understanding of growth and economic success was to be questioned and social goals were to be redefined together with approximately 4000 participants.

On 26 April, the EU Commission presented its proposal for a "Reform for Sustainable Economic Governance". It attempts a balancing act between common rules and the individual responsibility of the Member States, as well as between debt reduction and the promotion of necessary investments. Whether this will succeed is questionable: on the one hand, the proposal itself carries a risk of insufficient flexibility, while on the other hand, there is a threat of further tightening in the Council. 

Together with civil society organisations and trade unions, in this open letter AK EUROPA raises concerns about the slow pace of engagement at the Council level on the EU Forced Labour Regulation. The proposed regulation could contribute to creating conditions for EU companies to meaningfully address forced labour in their value chains, both inside and outside the EU.

The Corporate Sustainability Due Diligence Directive aims to hold companies accountable for human rights abuses and environmental damage along their entire value chain. With the vote in the EU Parliament's Legal Affairs Committee on 25 April 2023, in which the report by EP rapporteur Lara Wolters (S&D) was adopted, the legislation has cleared an important hurdle. The vote in the plenary of the EU Parliament will now follow on 1 June 2023.

The European Semester serves to coordinate the economic and social policy agendas of the Member States along agreed rules. The recent crises also led to adjustments in the Semester process. Overall, there is a need for comprehensive reform and greater involvement of the social partners, civil society organisations and parliaments. This was also underlined by the European Economic and Social Committee in its recently adopted opinion.