Economic policy is geared towards steady growth and more jobs in the EU. While aiming to stabilise the economy in the short term and increase potential growth in the medium term, it also addresses different longer-term challenges, such as population ageing and globalisation.
Economic policies are suggested and implemented at both the national and European level. Indeed, economic policy is primarily a national responsibility, even if the Treaty declares that it should be regarded "as a matter of common concern" and coordinated within the Council. A group of Member States have integrated their economies even further by adopting the single currency, which is now used by more than half the EU's citizens.
The coordination of economic policies is done by monitoring the economic developments in each Member State and the EU on the basis of various reports by DG ECFIN on behalf of the Commission. This multilateral surveillance also includes a check that economic policies are consistent with the EU's roadmap for growth and jobs in the so-called 'Integrated Guidelines Package'.