Economic Governance
Macroeconomic policies and their surveillance
The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims at monitoring, preventing and correcting macroeconomic imbalances in EU Member States. Below are documents presenting the legal base,elements and implementation of the MIP.
- Implementation of the Macroeconomic Imbalance Procedure - latest version
- Implementation of Country-Specific Recommendations under the MIP - latest version
- Member States with Excessive Macroeconomic Imbalances - latest version
- Implementation of Country-Specific Recommendations under the MIP - latest version
- An Overview of the Macroeconomic Imbalance Procedure - 14 May 2019
- The National Productivity Boards - 19 September 2018
- External Imbalances in the Euro Area - July 2020
- Annex to EGOV document Member States with Excessive Macroeconomic Imbalances (PDF - 492 KB)
Fiscal policies and their surveillance
The Stability and Growth Pact (SGP) is a legal framework that seeks to ensure sound public finances in EU Member States and coordination of fiscal policies within the EU. Below are documents presenting the legal base, elements and implementation of the SGP.
- Implementation of the Stability and Growth Pact under pandemic times – latest version
- Public finances in Euro Area Member States: selected indicators - latest version
- Key figures of 2021 Draft Budgetary Plans – November 2020
- Potential output estimates and their role in the EU fiscal policy surveillance - February 2020
- The role of national fiscal bodies - State of play - January 2020
- Structural budget balances in EU Member States - November 2019
- The Advisory European Fiscal Board - November 2019
- An Overview of the Stability and Growth Pact - September 2019
- How could the Stability and Growth Pact be simplified? - Summary of external papers - 25 April 2018
- Briefing papers:“Debt Sustainability Assessment: the State of the Art” - 19 December 2018
Country Specific Recommendations
Country Specific Recommendations (CSRs) are proposed by the Commission and adopted by the Council within the framework of the European Semester to provide annual guidance on budgetary and macro-structural measures to EU Member States. Below are documents presenting the legal base, implementation and other relevant information of the CSRs.
- Country-Specific Recommendations Database - September 2021 (DOCUMENT - 1 MB)
- Country-specific recommendations: An overview - latest version
- The legal nature of the Country-Specific Recommendations - latest version
- Country Specific Recommendations for 2020 - May 2020
- Recommendation on the economic policy of the euro area – latest version
- Implementation of the 2019 Country-Specific Recommendations - April 2020
- Implementation of the 2018 Country-Specific Recommendations - March 2019
- Implementation of the 2017 Country-Specific Recommendations - March 2018
- Implementation of the 2016 Country Specific Recommendations - March 2017
- Implementation of the 2015 Country Specific Recommendations - September 2016
- Implementation of the 2014 Country Specific Recommendations - August 2015
- Country-Specific Recommendations for 2018 and 2019 - A tabular comparison and an overview of implementation - April 2020
- Country-Specific Recommendations for 2017 and 2018 - A tabular comparison and an overview of implementation - March 2019
- Country-Specific Recommendations for 2016 and 2017 - A comparison and an overview of implementation - March 2018
- Country-Specific Recommendations for 2015 and 2016 - A comparison and an overview of implementation - February 2017
- Country-Specific Recommendations for 2014 and 2015 – A comparison and an overview of implementation - March 2016
- Country-Specific Recommendations in banking - November 2019
- Country specific recommendations in education policies 2011-2019 - December 2019
- 2020 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the ‘comply or explain’ principle)
- Country-Specific Recommendations for 2019 - A comparison of Commission and Council texts (implementing the "comply or explain" principle) - August 2019
- Country-Specific Recommendations for 2018 - A comparison of Commission and Council texts (‘comply or explain’ principle) - June 2018
- 2017 Country-Specific Recommendations: A comparison of the Commission and Council recommendations (the ‘comply or explain’ principle) - June 2017
- 2018 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the "comply or explain" principle) - February 2018
- Country-Specific Recommendations for 2016 - A comparison of Commission and Council recommendations "comply or explain" - June 2016
- 2016 Country-Specific Recommendations for the Euro Area - A comparison of Commission and Council texts - "comply or explain" - February 2016
- Country-Specific Recommendations (CSRs) for 2015 - A comparison of Commission and Council texts - "comply or explain" - June 2015
- Country-Specific Recommendations for 2014 - A comparison of Commission and Council - "comply or explain" - July 2014
Cooperation with National Parliaments on the European Semester
- Interparliamentary meetings on political level
- Background Reader on the European Semester - Winter edition 2021 (PDF - 5 MB)
- Background Reader on the European Semester Autumn 2020 Edition (PDF - 5 MB)
- Background Reader on the European Semester - Winter edition 2020 (PDF - 6 MB)
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Staff technical briefing on the European Semester/RRF Winter 2021
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Staff technical briefing on the European Semester Winter 2020
- Background Reader on the European Semester - Autumn edition 2019 (PDF - 9 MB)
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Staff Summer Seminar on the European Semester 2019
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Staff Working Group on the EU Semester Spring 2019
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Staff Working Group on the EU Semester Autumn 2018
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Staff Summer Seminar on the European Semester 2018
- The role of national parliaments in the European Semester for economic policy coordination - 5 April 2018
Other Briefings on the EU Semester
- The role (and accountability) of the President of the Eurogroup - October 2020
- Composition of Public Expenditures in the EU - June 2020
- What role for the European Semester in steering the economic recovery? - 18 May 2020
- What do we know about the BICC today? - 24 April 2020
- Recommendations on the economic policy of the euro area under the European Semester - January 2020
- The European Semester for economic policy coordination: A reflection paper - 25 October 2019
- Euro Area Scrutiny - External expertise on economic governance issues during the 8th Parliamentary term - 24 June 2019
- How to further strengthen the European Semester? - Summary of external papers - 1 December 2017
- Feasibilitity check: transition to a new regime for banks' sovereign exposure - Summary of external papers - 30 November 2017
- Thematic Digest: Economic Governance in the EMU - September 2018
- An evolutionary approach to a genuine Economic and Monetary Union - 25 September 2017
- An evolutionary path for a European Monetary Fund? - Summary of external papers - 31 August 2017
- Potential output estimates and their role in the EU fiscal policy surveillance - 16 January 2017
- The Fiscal Governance Frameworks of the United States and the European Union: Comparing ‘Apples and Pears’ - 19 May 2017
- Institutions and Bodies in the Economic and Monetary Union - February 2016
- The European Semester: Main steps at the EU level - 7 May 2019
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30 November 2015
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The European Semester: Main steps at the EU level BG (PDF - 367 KB) | EN (PDF - 152 KB) | CS (PDF - 303 KB) | DA (PDF - 228 KB) | DE (PDF - 243 KB) | EL (PDF - 378 KB) | ES (PDF - 114 KB) | ET (PDF - 227 KB) | FI (PDF - 172 KB) | FR (PDF - 226 KB) | HR (PDF - 365 KB) | HU (PDF - 292 KB) | IT (PDF - 113 KB) | LT (PDF - 290 KB) | LV (PDF - 287 KB) | MT (PDF - 328 KB) | NL (PDF - 115 KB) | PL (PDF - 299 KB) | PT (PDF - 110 KB) | RO (PDF - 293 KB) | SK (PDF - 346 KB) | SL (PDF - 288 KB) | SV (PDF - 234 KB)
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- Economic governance in the EMU: Stocktaking and possible developments - 8 December 2015
- Summary of a Study - "Economic Governance Structures in the United States"- 15 October 2015
- Economic Governance tools (“6 and 2-pack”) as part of the European Semester Cycle - 29 April 2014
Briefings by external experts
- E. Pappa, E.Vella - Phase out of the crisis support measures - January 2022
- P.Martin, X. Ragot - When and how to deactivate the SGP general escape clause? - January 2021
- L.Lambertini - When and how to deactivate the SGP general escape clause? - December 2020
- K-J. Gern, S. Kooths, U. Stolzenburg - When and How to Deactivate the SGP General Escape Clause? - December 2020
- E.Jones - When and how to deactivate the SGP general escape clause? - November 2020
- M.Moschella - What role for the European Semester in the recovery plan? - November 2020
- T. Wieser - What Role for the European Semester in the recovery plan? - October 2020
- J.F. Kirkegaard - What role for the European Semester in the recovery plan? - October 2020
- B. Crum - How to provide political guidance to the Recovery and Resilience Facility? - October 2020
- A. Pekanov, M. Schratzenstaller The role of fiscal rules in relation with the green economy - September 2020
- C.Cottarelli - The role of fiscal rules in relation with the green economy - August 2020
- P.Van den Noord - The role of fiscal rules in relation with the green economy - July 2020
- Z.Darvas, J.Anderson - New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules - October 2020
- W.H.Reuter - Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework - September 2020
- D.Gross, M. Jahn - Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework- July 2020
- P.Leino-Sandberg, F.Losada Fraga - How to make the European Semester more effective and legitimate? - July 2020
- A. Kriwoluzky M. Rieth - How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area? - April 2020
- A.Bénassy-Quéré, G.Wolff - How has the macro-economic imbalances procedure worked in practice to improve the resilience of the euro area? March 2020
- L.Codogno - Macroeconomic Imbalances Procedure: has it worked in practice to improve the resilience of the euro area? - February 2020
- P.Van den Noord - Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles? - May 2019
- M.Dolls, C.Fuest, A.Peichl, F.Scleef - Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles? - May 2019
- A.Fatas - Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles? - May 2019
- E.Jones - A feasibility check on core elements needed for "orderly" sovereign debt restructuring and/or debt mutualisation in the Euro Area - May 2019
- S.Rossi - Sovereign Debt Restructuring and Debt Mutualisation in the Euro Area: An Assessment - May 2019
- G.Corsetti - Debt Sustainability Assessments: The state of the art - November 2018
- J.Creel - Convergence in EMU: What and How? - June 2018
- D.Gros, C.Alcidi – Debt Sustainability Assessments: The state of the art - November 2018
- M. Dolls, Cl. Fuest, C. Krolage, F. Neumeier, D. Stöhlker - Convergence in EMU: What and How? - May 2018
- G.Kopits - How could the Stability and Growth Pact be simplified? - April 2018
- C.Cottarelli - How could the Stability and Growth Pact be simplified? - April 2018
- F.Heinemann - How could the Stability and Growth Pact be simplified? - April 2018
- X.Ragot - How to further strengthen the European Semester? - November 2017
- C. Alcidi, D. Gros - How to further strengthen the European Semester? - November 2017
- Y.M.Schneider, S.Steffen - Feasibility Check: Transition to a New Regime for Bank Sovereign Exposure? - November 2017
- N.Veron, Bruegel - Sovereign Concentration Charges: A New Regime for Banks’ Sovereign Exposures - November 2017
- J.Couppey-Soubeyran, S.Dehmej - The role of macro-prudential policy in the prevention and correction of imbalances in the euro area - May 2017
- M.Rubio - The role of macro-prudential policies in prevention and correction of asset imbalances in the Euro Area - May 2017
- J.A.Rodden - An evolutionary path for a European Monetary Fund? A comparative perspective - May 2017
- J.Couppey-Soubeyran, S.Dehmej - Le rôle de la politique macroprudentielle dans la prévention et la correction des divergences au sein de la zone euro - Mai 2017
- D.Gros, CEPS - An evolutionary path towards a European Monetary Fund - May 2017
- Ch.Wyplosz - A European Monetary Fund? - May 2017
- F.Giavazzi - Euro-area fiscal stance: definition, implementation and democratic legitimacy - September 2016
- A.Benassy-Quere - Euro-area fiscal stance: definition, implementation and democratic legitimacy - July 2016
- E.Ademmer, C.Boeing-Reicher J.Boysen-Hogrefe, K-J.Gern, U.Stolzenburg - Euro area fiscal stance: definition, implementation and democratic legitimacy - July 2016
- H.Enderlein, J.Haas - Structural policies for growth and jobs: best practices, benchmarking and the role of the Eurogroup - September 2016
- K-J.Gern, N.Jannsen, S.Kooths - Economic policy coordination in the euro area under the European Semester - November 2015
- A.Bénassy-Quéré - Economic policy coordination in the euro area under the European Semester - November 2015
- F.Zuleeg - Economic policy coordination in the euro area under the European Semester- November 2015
- D.Gros, C.Alcidi - Economic policy coordination in the euro area under the European Semester - November 2015
- J.F.Kirkegaard, PIIE - Economic Governance Structures in the United States - 12 October 2015
- Z.Darvas, A.Leandro - Economic policy coordination in the euro area under the European Semester - November 2015
- Paolo Mauro – Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions - February 2015
- Xavier Ragot – Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions - February 2015
- Clemens Fuest – Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions - February 2015
- Dr. J. F. Kirkegaard – Fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle - August 2014
- Paolo Manasse – Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions - February 2015
- Dr P. Bofinger – Fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle - August 2014
- D.Gros, C.Alcidi – Fiscal and macro-structural challenges and policy recommendations for the Euro Area and its Member States under the 2014 Semester Cycle - August 2014