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European Semester 2014: Commission previews economy and budgets package
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12/11/2013 13:40:42

Today the European Commission previewed a series of decisions it will make this week on economic and budgetary matters in the EU. The series kicks off on 13 November with the Annual Growth Survey, the EU's general economic and social priorities for the coming year, and the Alert Mechanism Report, an early warning system for economic imbalances.

    Promo image - Annual Growth Survey

    The reports will be presented by President Barroso, Vice-President Rehn and Commissioner Andor in a press conference at 2pm (to be confirmed), along with two other reports on employment and social developments and single market integration.

    On Friday 15 November, the Commission will focus on budgetary coordination in the euro area. For the first time, under new legislation known as the Two Pack, the Commission will issue opinions on each of the 13 draft budgetary plans it received from euro area Member States (those not subject to a macroeconomic adjustment programme), and proposals for Council opinions on 5 economic partnership programmes submitted by euro area Member States in the Excessive Deficit Procedure.

    The new autumn exercise is an important follow-up to the budgetary recommendations issued within the European Semester in the spring, and checks whether previous reform plans have been translated into action by the Member States.

    The Commission will also provide an overview of the budgetary outlook and the fiscal stance of the euro area as a whole and will examine progress made by certain non-euro area Member States under the Excessive Deficit Procedure. The package will be presented by Vice-President Rehn in a press conference at 11am (to be confirmed).

    Read the factsheet explaining the new budgetary rules and how the European Semester works at http://europa.eu/rapid/press-release_MEMO-13-979_en.htm

    Click here jpeg - 2 MB [2 MB] for an infographic showing the timeline of the European Semester.




    Last update: 12/11/2013  |Top