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This note looks at the 2024 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. The note provides a review of the euro area recommendations from an institutional perspective and includes broad comparisons to earlier recommendations, in order to illustrate how policy concerns have evolved over time. This note will be updated in light of relevant developments.

This note provides an overview of the implementation of the 2023 Recommendation on the economic policy of the euro area proposed by the Commission and agreed by the Council. It makes use of public information and proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. This note will be updated in light of relevant developments.

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the ...

The EU framework for fiscal policies

EU Fact Sheets 14-12-2023

In order to ensure the stability of the Economic and Monetary Union, a robust framework is needed to prevent unsustainable public finances as far as possible. A reform (part of the ‘Six Pack’) amending the Stability and Growth Pact (SGP) entered into force at the end of 2011. Another reform in this policy area, the intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG), including the Fiscal Compact, entered into force in early 2013. Furthermore ...

History of the economic and monetary union

EU Fact Sheets 14-12-2023

The economic and monetary union (EMU) is the result of economic integration in the EU. A common currency, the euro, has been introduced in the euro area, which currently comprises 20 EU Member States. All EU Member States – with the exception of Denmark – must adopt the euro once they fulfil the convergence criteria. A single monetary policy is set by the Eurosystem, comprising the European Central Bank’s Executive Board and the governors of the central banks of the euro area.

Economic governance

EU Fact Sheets 05-12-2023

Economic governance refers to the system of institutions and procedures established to achieve EU objectives in the economic field, namely the coordination of economic policies to promote economic and social progress for the EU and its citizens. The financial, fiscal and economic crises that began in 2008 showed that the EU needed a more effective model of economic governance than the economic and fiscal coordination in force until then. Developments in economic governance, still ongoing, include ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, examines the fiscal responses of the EU to the Covid-19 pandemic and the war in Ukraine. It claims that the law & policy tools developed to address these crises have led to the establishment, and consolidation, of an EU fiscal capacity – contributing to overcoming the original imbalance of the EU’s Economic & Monetary Union. Nevertheless, the ...

Although the US Inflation Reduction Act (IRA) pursues a range of aims, the two main ones are the lowering of inflation by removing purchasing power from the US economy, and to provide the United State's contribution to fighting climate change. Unlike similar EU measures, most of its climate support is done via tax subsidies. Although hailed in the EU for heralding a new era in US climate policy, the IRA is being criticised for its outright 'Buy American' provisions. Amongst others, it is feared that ...

This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

This note gives a short overview of the main steps in the framework of euro area Member States’ budgetary policy coordination and surveillance during the autumn cycle of the European Semester. This enhanced monitoring and surveillance of euro area Member States’ budgetary policies is done in accordance with EU law. It aims to identify and correct at an early stage during the Semester cycle any risks of deviation from fiscal policy recommendations agreed by the Member States, ultimately by asking ...