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The report summarises the discussions and conclusions reached on the Commission's Annual Growth Survey 2013 by different Council formations. It is part of the annual policy coordination exercise known as the "European Semester".
The main priorities for 2013
The ministers confirmed the EU's five economic policy priorities:
Based on these priorities and the synthesis report the March European Council will adopt strategic guidance for member states, which they will be invited to take into account when drafting their plans for national budgetary policies and structural reforms.
European Semester
Every year since 2011, the EU Member States coordinate their budgetary and growth-orientated policies over a period of around six months under the procedure known as the European Semester.
The aim is to ensure fiscal stability and avoid severe macro-economic imbalances in the EU. In addition, such policy coordination helps the Member States seek their common growth goals under the Europe 2020 strategy more effectively.
Under the Semester, the Commission presents annual policy priorities, whereupon the Council discusses them and provides policy advice to the Member States accordingly. Based on this advice, the Member States prepare policy plans and submit them to the Commission.
The Commission then evaluates the Member States' plans and prepares recommendations for each country. The recommendations have to be endorsed by the European Council in June. The cycle ends with an evaluation of how the recommendations have been implemented.