The fourth annual workshop of the European System of Central Banks - ESCB Research Cluster 2 on 'International Macroeconomics, Fiscal Policy, Labour Economics, Competitiveness and EMU Governance' took place online on November 23-24, 2020. The research clusters bring together ESCB researchers to present their work within the ESCB research community, exchange ideas and foster open discussions. This year the workshop addresses issues related to the Covid crisis, trade, fiscal policy, productivity and labour markets.