In her 2019 political guidelines, Ursula von der Leyen promised that the transition towards a green social market economy would be fair for all, and committed to fostering an ‘economy that works for people’. Her priorities included deepening economic and monetary union (EMU), completing the banking union and the capital markets union (CMU), implementing the social pillar and promoting equality, and fair taxation. Despite or sometimes as a response to the economic shocks caused by the pandemic and Russia’s war on Ukraine, 85 % of the initiatives announced have been tabled.
Notably, thanks to the Next Generation EU (NGEU) support instrument, and its historic issuing of EU bonds, the Commission helped Member States in deploying recovery and resilience plans, aimed also at boosting the digital and green transition. The EU reached agreement on a new EU economic governance framework. The banking union was strengthened, despite little progress as regards the European Deposit insurance Scheme. The CMU made progresses, but it still remains incomplete. The social market economy was reinforced with substantial new proposals (e.g. adequate minimum wages, pay transparency, protection of platform workers) also to help the youngest people (e.g.
European child guarantee, Youth guarantee). The Commission has put equality at the centre of its agenda and adopted five key strategies in order to build a union of equality.
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