Economic and Budget Coordination
Early in 2010, Member States were quick to realise that the sovereign debt crisis in one country can rapidly spill over to others and cause unprecedented damage to the entire European economy. A decision was made that, in order to prevent dramatic consequences to the entire system, economic and budgetary coordination at the EU level was necessary. This system of coordination was named the European Semester and was launched in January 2011.
In January, the European Commission publishes its annual growth assessment and sets the EU’s priorities to stimulate growth and employment over the year to come. This document is used by the Heads of State and government in March as they gather for the European Council to adopt the EU’s guidelines for national economic policies. Member States present their stability and convergence programmes in April which are designed to guarantee the sustainability of public finance and also their national reform programmes that aim to help towards intelligent growth that will foster employment thereby responding to the Europe 2020 strategy. These programmes are assessed in June by the European Commission that can, if need be, make specific recommendations to each State. They are then submitted to the European Council at the end of June. The States involved must take on board the recommendations as they draft their budget for the following year in the autumn.
The European Semester: Main steps at the EU level
An overview of the European Semester and Economic Governance tools ("6 and 2-pack"), 20.5.13
Lookout for economic developments and risks in selected euro area Member States - Pilot version, August 2013
Member States progress to meet EU2020 targets: state-of-play September 2013
Study: The European Dimension in the National Reform Programmes and the Stability and Convergence Programmes, September 2013
Report by Elisa Ferreira on European Semester implentation of 2013 priorities, 8.10.13
Texts adopted, 23.10.13
Economic Dialogue on State of Play / invitations and legal bases - State of Play / Financial Assistance to Member States - State of Play
ECON webpage
See also EPP info
Country-Specific Recommendations:
ECON webpage on CSRs
TABLE 2A on Country Specific Recommendations 2013 for euro area Member States and the euro area as a whole (compared to the implementation of 2012 recommendations), 28.8.13
A "traffic light approach" to the implementation of CSRs, 7.11.13
Macro-economic forecasts
Comparison of Commission's and Member States' macroeconomic forecasts for 2013 and 2014, 17.9.13
Expected real GDP growth in the Member States, 2014