COLLEGE MEETING: European Semester Autumn Package: Bolstering inclusive and sustainable growth

Vice-President Dombrovskis, Commissioner Thyssen and Commissioner Moscovici presented today the European Semester Autumn Package that represents the beginning of the 2019 European Semester cycle of economic and social policy coordination.

The Commission has set out the EU’s economic and social priorities for 2019, presented Opinions on Draft Budgetary Plans and confirmed the existence of particularly serious non-compliance with the Stability and Growth Pact in the case of Italy. Greece has been integrated into the European Semester for the first time. The 2019 European Semester cycle of economic and social policy coordination begins against a backdrop of sustained but less dynamic growth in a climate of high uncertainty. A lot has been achieved since 2014 but more must be done to support inclusive and sustainable growth and job creation while enhancing the resilience of Member States’ economies. At EU level, this demands taking the decisions required to further strengthen the Economic and Monetary Union. At national level, there is a pressing need to use the current growth momentum to build up fiscal buffers and reduce debt. Investment and structural reforms need to focus even more on boosting productivity and growth potential. These actions will provide the conditions for sustained macro-financial stability and serve EU’s long-term competitiveness. This will, in turn, create the conditions for more and better jobs, greater social fairness and better living standards for Europeans. Today’s package is based on the Autumn 2018 Economic Forecast and builds on the priorities set out in President Juncker’s 2018 State of the Union address. The press release and memo are available online.