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The European Semester

The European Semester is the first phase of the EU's annual cycle of economic policy guidance and surveillance.

Implementation

Implementation of the EU’s economic rules is organised in an annual cycle, which is divided into two parts, known as the European Semester and the National Semester.

The European Semester

The European Semester is the first phase of the EU's annual cycle of economic policy guidance and surveillance.

Each European Semester, the European Commission analyses the fiscal and structural reform policies of every Member State, provides recommendations, and monitors their implementation.

In the second phase of the annual cycle, known as the National Semester, Member States implement the policies they have agreed.

The European Semester

The European Semester begins around November each year with the publication of two key economic reports: the Annual Growth Survey and the Alert Mechanism Report[PK1] .

The Annual Growth Survey analyses the progress that the EU has made towards its long-term, strategic priorities, sets out an integrated approach to economic growth, outlining broad policy priorities. The Annual Growth Survey underpins the country-specific policy recommendations made by the EU to governments.

The Alert Mechanism Report is an early warning report to detect and addresses economic trends or imbalances that could prove harmful to individual Member States or Europe’s Economic and Monetary Union and underpins the Macroeconomic Imbalances Procedure.

EU leaders consider the reports in March and agree on a common direction for fiscal and structural policies as well as financial sector issues.

In April, Member States report to the Commission on the specific policies they are implementing and intend to adopt in order to boost growth and jobs, prevent or correct macroeconomic imbalances, and the concrete measures they plan to ensure compliance with the EU's fiscal rules.

The Commission then assesses the plans of the Member States and makes a series of country-specific recommendations to each of them. These policy recommendations are discussed between Member States' Ministers in June, endorsed by EU leaders in July, and incorporated by governments into their national budgets and other reform plans during the National Semester.

More about EU economic governance...

European Semester 2014: strengthening the recovery (European Commission - IP/13/1064, 13 Nov 2013)

The EU's economic governance explained (European Commission - MEMO/13/979, 12 Nov 2013)

 

 

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