ECOFIN Council adopts conclusions on European 2020 Strategy
09.06.2010 - The Economic and Financial Affairs Council adopted a series of conclusions
related to the European 2020 Strategy on 8 June 2010.
On 8 June 2010 the Economic and Financial Affairs Council adopted a series
of conclusions related to the European 2020 Strategy as the most appropriate
framework for implementing strategies for exiting from short-term crisis
support. Among the main conclusions were that:
- the Commission should work closely with Member States to create realistic
but ambitious national headline targets. Member States should retain full
ownership of the targets but there should be broad coherence between targets,
at the EU level as well as at the Member State level.
- the report on the Broad Economic Policy Guidelines was adopted and the
Council confirmed that the BEPGs constitute the legal basis for country
specific recommendations under Article 121(2) and are therefore of particular
relevance in strengthening EU economic policy co-ordination.
- the Council endorsed the work already done to remove macro-structural
bottlenecks by the Commission with Member States and the Economic Policy
Committee and the Economic and Financial Committee. It also endorsed the EFC
and EPC report on identifying national macro-structural bottlenecks to growth
and invited Member States to take them into account when setting out the
bottlenecks in their National Reform Programmes
- the Council welcomed the Commission's Communication on reinforcing economic
policy co-ordination for the EU as a whole and for the euro area in
- Stability and Convergence Programmes and the National Reform Programmes
should be better aligned; however, these instruments should be kept clearly
separate. Surveillance should be broader, deeper and more effective, and it
should feed into policymaking
- an improved framework needs to be set in place to co-ordinate policy
development in Member States, providing broader, more tightly integrated
country surveillance covering all major macroeconomic and structural policies.
It would allow exit strategies to be launched quickly, easing fiscal
consolidation over the short and medium term but removing bottlenecks to growth
in the longer term.
- the timing of such reporting and policy guidance should be improved to
allow for Member States to be better prepared and allow the best possible
timing for assessments; however, the reporting burden on Member States should
be kept to a minimum.
- In dialogue with the Member States, the Commission should provide an
overview of all EU-level bottlenecks to ultimately provide policy
recommendations to Member States.