Over the last decade, gender equality in the EU has not only lost its clout, but it is slipping off the political agenda all together. Economic governance instruments, designed for keeping government expenditures at bay by practicing fiscal austerity, have dominated the European political sphere and have visibly and painfully impacted on an array of social policies, which form the backbone of the different welfare systems in the EU. How could a gender lens, properly implemented, help foster sustainable economic growth and well-being in Europe?