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Adoption of the texts, following their general endorsement by the European Council on 29 June, concludes this year's European Semester monitoring exercise. In accordance with the "comply or explain" principle established last year as part of a strengthening of economic and fiscal policy monitoring, the Council issued explanations in cases where its recommendations or opinions do not comply with those proposed by the Commission.
The European Council in March endorsed priorities under this year's European Semester for ensuring financial stability, fiscal consolidation and action to foster growth. It underscored the need to pursue differentiated, growth-friendly fiscal consolidation, to restore normal lending conditions to the economy, to promote growth and competitiveness, to tackle unemployment and the social consequences of the crisis, and to modernise public administration.
The European Semester involves simultaneous monitoring by the Commission of the Member States' economic and fiscal policies, in accordance with common rules, during a six-month period every year. Member States present national reform programmes and stability or convergence programmes annually in April.