Implementation of the broad guidelines for the economic policies of the Member States whose currency is the euro - Main contents
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official title
Council Recommendation of 14 July 2015 on the implementation of the broad guidelines for the economic policies of the Member States whose currency is the euro| Legal instrument | Recommendation |
|---|---|
| Original proposal | COM(2015)251  |
| CELEX number i | 32015H0818(27) |
| Document | 14-07-2015; Date of adoption |
|---|---|
| Publication in Official Journal | 18-08-2015; OJ C 272 p. 98-100 |
| End of validity | 31-12-9999 |
18.8.2015 |
EN |
Official Journal of the European Union |
C 272/98 |
COUNCIL RECOMMENDATION
of 14 July 2015
on the implementation of the broad guidelines for the economic policies of the Member States whose currency is the euro
(2015/C 272/26)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 136 in conjunction with Article 121(2) thereof,
Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (1), and in particular Article 5(2) thereof,
Having regard to Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (2), and in particular Article 6(1) thereof,
Having regard to the recommendation of the European Commission,
Having regard to the conclusions of the European Council,
Having regard to the opinion of the Economic and Financial Committee,
Having regard to the opinion of the Economic Policy Committee,
Whereas:
(1) |
Sustaining and strengthening the development of the euro area requires continued policy efforts to support a balanced adjustment in the private and public sectors and increase the economy's growth potential in the medium to long term. While economic recovery in the euro area is ongoing, it is hampered by legacies of the recent economic and financial crises, including ongoing external rebalancing, high levels of public and private debt and related deleveraging pressures, persistent structural rigidities in national labour and product markets, high unemployment, and low confidence, and a persistent weakness in investment. So far, implementation of the reforms set out in the country-specific recommendations has not been sufficiently ambitious. |
(2) |
The euro area is more than just the sum of its members. The euro area economies are closely interrelated, underscoring the need for stronger coordination of fiscal, financial and structural policies. The policy stance at the euro area level should promote growth and jobs, while at the same time ensuring that the progress made in rebalancing is sustained and fostered. Euro area Member States have a specific responsibility for effective implementation of the governance framework, which has been significantly strengthened in recent years. This calls for increased peer pressure to support national reform implementation and fiscal prudence. It also calls for greater assessment of national reforms from a euro area perspective, internalising potential spillovers and stimulating policies of particular importance for a well-functioning Economic and Monetary Union. |
(3) |
The implementation of ambitious structural reforms that modernise economies and boost competitiveness and growth potential is not yet sufficient in the euro area. The extent of imbalances prior to the crisis, the position in the business cycle, and the fiscal space available vary significantly across Member States. Despite improvements in labour markets and some progress with reforms to improve the resilience of labour markets, unemployment rates remain high and long-term unemployment risks becoming entrenched, further weakening the social situation in the most vulnerable countries. External rebalancing is ongoing, but progress has been asymmetric and elevated current account surpluses in a few Member States persist. Ambitious structural reforms of labour and product markets would facilitate the necessary economic adjustment within the euro area and boost growth in the countries that implement them. By increasing employment and lowering prices for consumers, reforms also contribute to greater social inclusion. If carried out jointly across Member States, structural reforms offer benefits to the euro... |
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