Growth strategy under the microscope

The Commission's strategy for boosting Europe's economy this year will be closely scrutinised by MEPs on Wednesday. The annual growth survey sets out the Commission's priorities for economic and budgetary policies for the coming 12 months. MEPs will debate it and then vote on three resolutions.

The strategy stresses that economic governance must be reinforced to make it easier to cut deficits and that more should be done quickly to put Europe back on track for more growth and jobs. Its five priorities are:

• Pursuing differentiated growth-friendly fiscal consolidation

• Restoring normal lending to the economy

• Promoting growth and competitiveness

• Tackling unemployment and the social consequences of the crisis

• Modernising public administration

In addition it outlines the reforms needed for boosting growth and employment in line with the Stability and Growth Pact and the EU 2020 strategy. It includes a progress report on Europe 2020, a macroeconomic report, a draft joint employment report and a report on promoting growth-friendly tax policies.  

The annual growth survey is the starting point for the "European Semester for macroeconomic coordination", which aims to provide a structured framework under which EU countries coordinate budgetary and economic policies. At the Spring European Council in March, Member states will use it identify the main challenges facing the EU and give strategic advice on economic and budgetary policies.