The Annual Growth Survey is the start of the first "European Semester" which changes the way governments shape their economic and fiscal policies.
Once agreed by the European Council, Member states will reflect these recommendations in both their policies and national budgets. For the first time ever, Member States and Commission will therefore jointly discuss macro-economic stability, structural reforms and boosting growth measures in a comprehensive way.
President Barroso said: "A new phase of European integration begins with the Annual Growth Survey. We are setting out to break new ground and to decisively improve the way in which we manage and coordinate our interdependent economies in the European Union. This is the EU model. This is our economic governance in action. The Annual Growth Survey is a coherent and comprehensive plan to return Europe to growth and higher employment. If it is fully implemented, I'm confident that Europe can return to strong economic growth and higher employment."
The first Annual Growth Survey marks the start of a new cycle of economic governance in the EU. It brings together the different actions which are essential to strengthen the recovery in the short-term, to keep pace with Europe's main competitors and prepare the EU to move towards its Europe 2020 objectives.
In the main Communication the Commission focuses on an integrated approach to recovery concentrating on key measures in the context of Europe 2020 and encompassing three main areas:
· The need for rigorous fiscal consolidation for enhancing macroeconomic stability
· Structural reforms for higher employment
· And growth enhancing measures
The first Annual Growth Survey is designed to apply to the EU as a whole and it will be tailored to the specific situation of each Member State.
The Commission highlights ten actions that grouped under the three main areas
· Fundamental Prerequisites for Growth:
Implementing a rigorous fiscal consolidation;
Correcting macro-economic imbalances; and
Ensuring stability of the financial sector.
· Mobilising Labour Markets, Creating Job Opportunities:
Making work more attractive;
Reforming pensions systems;
Getting the unemployed back to work; and
Balancing security and flexibility.
· Frontloading Growth:
Tapping the potential of the Single Market;
Attracting private capital to finance growth; and
Creating cost-effective access to energy.
© European Commission
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