The European Commission has adopted a set of recommendations for budgetary measures and economic reforms aimed at strengthening financial stability, boosting growth, and creating jobs in the EU. The recommendations are specific to each country, taking into account the individual situation of each Member State.
The Commission has also issued recommendations for the eurozone as a whole and outlined its vision for EU policy action at the necessary level to complement national measures to achieve the EU’s ambitious growth objectives.
The Commission presented its conclusions after thorough reviews within the framework of the procedure concerning macroeconomic imbalances and made recommendations regarding excessive deficits.
A number of key messages emerge from this second series of annual country-specific recommendations. On public finances, the Member States, as a whole, are adopting the necessary measures to restore balance.
Unemployment, especially among the youth, is a serious problem—and while there is no magic solution, immediate measures should be taken to increase productivity and improve the skills resulting from training that better match the needs of the labor market.
Many Member States have undertaken significant structural reforms, including those of their labor markets. These are aimed at boosting competitiveness and correcting macroeconomic imbalances within Europe.
Nonetheless, much greater action is needed throughout the EU to unlock growth, create opportunities for development, and unleash the job creation potential of the services, energy, and digital economy sectors.
Finally, the Commission indicated the main steps towards a complete economic and monetary union, including a European federal bank; supervision of euro-area finance, and an extended deposit guarantee to the European zone.
This process will need to consider the legal issues of constitutional treaties, while providing greater democratic legitimacy and accountability through further integration.
