Chapter 12 shows that the Covid-19 emergency and the ensuing suspension of the Stability and Growth Pact (SGP) and its sanctioning mechanisms in 2020 led to crucial changes in the EU’s new economic governance (NEG) regime. For example, the transnational distribution of EU funds, institutionalised by the EU’s Recovery and Resilience Fund (RRF) Regulation in 2021, meant that the post-Covid NEG regime no longer mimicked the divisive beggar-thy-neighbour tools that transnational corporations use to steer their subsidiaries and workforce. Even so, EU executives continue to direct the post-Covid NEG regime without much participation by national parliaments and the European parliament or unions and social movements. Instead of using the financial sanctions of the suspended SGP, EU executives use the policy conditionalities attached to RRF funding to reach their objectives, which are in keeping with the overarching commodification script.

This chapter explores the European Union Emissions Trading System (EU ETS) and explains how the transition to a blockchain-based trading system could be operationalised. It also provides a legislative roadmap for aligning the EU ETS with the European Union Digital Strategy.