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European Semester 2014: Commission to publish annual economic priorities for EU and views on eurozone draft budgets

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EU_Flag_blowingIn mid-November (date to be confirmed), the European Commission will publish a number of important documents to kick off the fourth European Semester, the EU's economic policymaking calendar.

  • The Annual Growth Survey will set out general economic and social priorities for the EU for the coming year. The AGS is a road map for member states to follow when drawing up future budgets and reform plans, and sets the scene for the specific recommendations the Commission makes to member states each spring.
  • The Alert Mechanism Report will screen all 28 EU economies for potential economic risks, providing an early warning on imbalances such as housing booms or banking crises. It indicates which countries warrant an in-depth review of their economies.
  • This year marks the first time the Commission will publish its opinions on euro area countries' draft budget plans for 2014. This is a feature of new economic governance rules (known as the Two Pack), which came into force in May 2013 and which allow for closer coordination of eurozone budgets and economic policies.
  • There will also be reports on action taken by certain member states under the Excessive Deficit Procedure (EDP), as well as Commission opinions on the economic partnership programmes submitted by euro area member states under the EDP. Also a novelty of the new economic governance system, the programmes set out structural reforms to be undertaken to correct the deficit in a lasting way.
  • Finally, the Commission will release its annual Joint Employment Report, which will provide an overview of labour market and social trends and reforms, and a report on the functioning of the Single Market.

Background

The European Semester was introduced in 2010 to help member states work towards the same goals, as set out in the EU's long-term growth strategy, Europe 2020. The semester sets out a clear timetable for budgetary and economic policy-making, ensuring that member states talk to each other before adopting reforms that could have impacts on their neighbours.

Europe 2020 website

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