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The European Commission today publishes its annual analysis of the economic and social situation in the Member States, including an assessment of remaining imbalances.
It also publishes a report on the implementation of the Fiscal Compact, a report analysing the debt situation in Italy and a report, together with a proposal to the Council for a fine, on a case of misrepresentation of statistics in Austria.
Member States are making headway in implementing the individual policy guidance they received last year around the “virtuous triangle” of boosting investment, pursuing structural reforms and ensuring responsible fiscal policies. This assessment of Member States’ progress is part of the annual cycle of economic policy coordination at EU level and is known as the Winter Package of the European Semester. The package follows the economic forecast released last week.
Today’s 27 Country Reports (for all Member States except Greece, which is under a dedicated stability support programme) provide the annual analysis of Commission staff of the situation in the Member States’ economies, including where relevant an assessment of macroeconomic imbalances. Following the publication in November of the Annual Growth Survey 2017 and the euro area recommendations, which set the priorities for the year ahead at European level, today’s package shifts the attention to the national dimension of the European Semester, in the run-up to the Country-Specific Recommendations in spring.
The early publication of Country Reports, ahead of the presentation of National Programmes and the update of Country-Specific Recommendations, is part of the Juncker Commission’s efforts to streamline and strengthen the European Semester. It aims to allow time for a dialogue with Member States on European and national priorities and to reflect greater focus on employment and social considerations.