The European Semester is being adapted to take into account the creation of the Recovery and Resilience Facility. The implementation of Member States’ recovery and resilience plans will drive their reform and investment agenda for the years ahead. The European Semester, with its broader scope and multilateral surveillance, will usefully complement the implementation of the recovery and resilience plans.

In light of the changes in the policy context after the COVID-19 crisis, the Commission relaunched in October 2021 the public debate on the review of the EU economic governance framework. The review’s aim is to improve the effectiveness of integrated surveillance and policy coordination in the EU within the European Semester. The public debate should help to achieve a broad-based consensus on the way forward. The 2022 European Semester cycle will be an opportunity to discuss the interactions between the European Semester and the Recovery and Resilience Facility with the Member States and relevant stakeholders to see if and how the future European Semester cycles and their deliverables could be improved.