MEPs lay out their economic priorities for 2022
MEPs on Monday urged EU countries to better coordinate their economic and fiscal policies and to use the opportunities offered by the EU’s recovery funds to modernise their economies.
The resolution, adopted by the economic and monetary affairs committee with 49 votes in favour, 6 against, and 3 abstentions, puts forward the committee’s priorities for the 2022 process of economic policy coordination.
The adopted text warns of a significant level of uncertainty and varied speeds of recovery among the member states, despite a general improvement in the economic situation. In light of this the report calls for a careful phasing out of the emergency stimuli and a clear timetable for the review of the EU’s fiscal framework, preferably before the deactivation of the general escape clause which was activated as a result of the pandemic under the Stability and Growth Pact.
The resolution notes that coordination of fiscal policies among member states remains crucial in underpinning the recovery. This coordination can be further bolstered through the EU’s Recovery and Resilience Facility, MEPs say.
The main areas deserving attention are those of tackling structural challenges, increasing private and public investment while reducing debt to GDP rations, improving ownership of economic reforms, and for those member states with imbalances to properly address these, the text says.
The resolution will be tabled for a plenary vote next week.
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John SCHRANZ
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