ECOFIN Council: Annual growth survey

30 November 2011

The Council took note of a presentation by the Commission on the main elements of its annual growth survey. The Commission's survey outlines priority actions to be taken by Member States in order to ensure effective policies for putting Europe's economy on a path to sustainable growth.

For 2012, it suggests that efforts at national and EU levels concentrate on the following priorities:

• pursuing differentiated growth-friendly fiscal consolidation;
• restoring normal lending to the economy;
• promoting growth and competitiveness for today and tomorrow, with particular emphasis on the digital economy, the internal market for services and external trade, as well as better use of the EU budget;
• tackling unemployment and the social consequences of the crisis, in particular mobilising labour, supporting employment of young people and protecting the vulnerable;
• modernising public administration.

The annual growth survey is the starting point for the European Semester, which involves simultaneous monitoring of the Member States' fiscal policies and structural reforms, in accordance with common rules, during a six-month period every year.

The European Semester was implemented for the first time in 2011 (it concluded in July) as part of a reform of EU economic governance. The 2012 European Semester will be the second such exercise; presentation of the annual growth survey has been brought forward this time, in order to facilitate implementation.

Full Council conclusions

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