Europe needs a new industrial and competition policy. The after-effects of the pandemic, the Ukraine war and inflation rates, which were last seen in the 1970s, have made this clear. This fueled income and wealth inequality. The EU Commission's industrial strategy must be expanded to include the social dimension. Trade unions have a wealth of experience when it comes to economic strategies for a socially sustainable economy. They demand a right of co-decision on the question of which strategies are ultimately at stake. Co-determination is a condition for sustainable management, it is a prerequisite for the success of the transformation.