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European Semester Spring Package: Paving the way for a strong and sustainable recovery

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The European Commission has presented the European Semester Spring Package, which focuses on providing fiscal guidance to member states as they continue the process of gradually reopening their economies. This guidance aims to help member states strengthen their economic recoveries, making the best possible use of the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.

On the basis of the Commission’s Spring 2021 Economic Forecast, the general escape clause will continue to be applied in 2022 and is expected to be deactivated as of 2023. The Commission’s guidance provides that fiscal policy needs to remain supportive in 2021 and 2022.

As part of the package, the Commission has also adopted a report to assess member states’ compliance with the deficit and debt criteria of the Treaty under Article 126(3) of the Treaty on the Functioning of the EU (TFEU) for all EU member states except Romania, which is already in the corrective arm of the Pact.

The Commission has also adopted a proposal for Employment Guidelines for 2021, the tenth enhanced surveillance report for Greece and post-programme surveillance reports for Ireland, Spain, Cyprus, and Portugal.

A full press release and Q&A are available online.

Follow the press conference by Executive Vice President Dombrovskis, Commissioner Gentiloni and Commissioner Schmit on EbS.

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