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2014/2059(INI) European Semester for economic policy coordination: implementation of 2014 priorities
RoleCommitteeRapporteurShadows
Opinion BUDG TORVALDS Nils (ALDE)
Lead ECON DE BACKER Philippe (ALDE) ROSATI Dariusz (EPP), SZANYI Tibor (S&D), TERHO Sampo (ECR), MATIAS Marisa (GUE/NGL), EICKHOUT Bas (Verts/ALE)
Opinion EMPL GUTIÉRREZ PRIETO Sergio (S&D)
Opinion ENVI GERBRANDY Gerben-Jan (ALDE)
Opinion IMCO COFFERATI Sergio Gaetano (S&D)
Lead committee dossier: ECON/8/00849
Legal Basis RoP 052

Activites

  • 2014/10/22 Decision by Parliament, 1st reading/single reading
    • T8-0038/2014 summary
  • 2014/10/21 Debate in Parliament
  • 2014/10/20 Committee referral announced in Parliament, 1st reading/single reading
  • 2014/10/15 Committee report tabled for plenary, single reading
    • A8-0019/2014 summary
  • 2014/10/13 Vote in committee, 1st reading/single reading

Documents

AmendmentsDossier
733 2014/2059(INI)
2014/09/09 ECON 351 amendments...
source: 537.316
2014/09/10 ENVI 41 amendments...
source: 537.482
2014/09/15 EMPL 313 amendments...
source: 537.373
2014/09/17 BUDG 28 amendments...
source: 537.503

History

(these mark the time of scraping, not the official date of the change)

activities/4/docs/0
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http://www.europarl.europa.eu/oeil/popups/sda.do?id=24807&l=en
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  • The Committee on Economic and Monetary Affairs adopted the own-initiative report by Philippe DE BACKER (ADLE, BE) on the European Semester for economic policy coordination: implementation of 2014 priorities.

    The Committee on Budgets, exercising its prerogatives as an associated committee under Parliament’s Rule 54 of the Rules of Procedure, was also consulted to give an opinion on the report.

    Recalling that the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, the report stressed the following issues:

    Stimulate growth and investment: the committee stressed that the challenges of the current economic situation, characterised by sluggish GDP – stable in the eurozone and rising by 0.2% in the EU-28 during the second quarter of 2014 – remarkably low inflation – down to 0.3% in August 2014, its lowest level since November 2009 – and unacceptably high unemployment – 11.5% in the eurozone and 10.2% in the EU-28 in July 2014 – have to be addressed urgently.

    Members underlined that an ambitious initiative for triggering investment across the EU is urgently needed to relaunch and sustain economic recovery. They, therefore, called on the next European Commission to enhance European investment by EUR 300 billion as announced in the political guidelines by Jean-Claude Juncker.

    Country-specific recommendations (CSRs): Members stressed the inconsistency between European commitment and national implementation of the CSRs by Member States. They highlighted that ownership of the CSR by national parliaments needs to be strengthened and they called on the Commission to submit proposals on ways in which the recommendations of the European Semester could be made more binding.

    Stressing that the financial, sovereign debt and competitiveness crisis cannot be solved by means of a loose monetary policy alone, Member stressed, therefore, the importance of continuing the process of deep, balanced and socially sustainable structural reforms to deliver on growth and job.

    Economic and monetary union (EMU): the EMU is far from complete, Members reminded the Commission of its obligations and commitments to take into account macroeconomic imbalances inside the EU and notably the eurozone to enhance economic and budgetary coordination and strengthen competitiveness in the EU.

    In this respect, they reiterated once more their demand for a legal act on ‘convergence guidelines’ to be adopted and called on the Member States to enter into a ‘convergence partnership’ with the EU institutions, with the possibility of conditional funding for reform activities.

    Flexible application of the Stability Pact: while stressing that fiscal sustainability is a prerequisite for a long term growth, Members stressed that special emphasis should be placed on growth-enhancing reforms and policies especially by those Member States that have fiscal space to invest in order to promote growth and facilitate rebalancing in the Euro area. They recalled that the existing legal framework makes it possible, provided reforms have been initiated, to allow Member States a degree of flexibility, and urges that this flexibility should be exploited.

    Recommendations: the committee supported the objective of placing emphasis on policies that enhance competitiveness, support investment and job creation, fight unemployment and improve the functioning of the labour market in particular in sectors with high growth potential.

    The report stressed the following priorities:

    • modernise their economies, social security systems, pension systems and health care, in order to avoid placing an excessive burden on future generations;
    • target structural reforms at improving labour markets’ capacity to integrate young people as well as other excluded groups into the workforce and should be able to present opportunities to older workers; establish a common and inclusive labour market and a common modern and inclusive immigration policy by avoiding protectionist tendencies;
    • implement an ambitious European energy policy;
    • simplify tax systems so as to restore a favourable environment for undertakings in all Member States without exception and to cut red-tape and reduce administrative burden;
    • complete the structural reforms by longer-term investment in education, research, innovation, a modern infrastructure and sustainable energy to enhance digital and ecological transition;
    • remedy the lack of access to finance, particularly for SMEs
    • propose measures to complete the internal market for capital and to complete the banking union;
    • highlight the job potential of the green economy, which according to Commission estimates could create 5 million jobs by 2020.

    Concerned about the EU unemployment and youth unemployment rates (25.005 million unemployed in the EU-28 in June 2014 and 5.06 million unemployed young people in the EU-28 in July 2014), the report called on the Commission to make the employment recovery an absolute priority by drawing up an ambitious and holistic strategy for growth and quality job creation.

    Democratic accountability: Members stressed the need to strengthen democratic accountability to the European Parliament and the national parliaments as regards essential elements of the euro area’s operation, such as the European Stability Mechanism, Eurogroup decisions, and the monitoring and evaluation of financial assistance programmes.

    They requested that the Commission reports on a quarterly basis in Parliament’s competent committee on the measures taken to ensure progress on the implementation of the CSRs and on the progress achieved thus far. They invited Member States to explain the reasons for non-compliance with the CRSs in Parliament’s competent committee.

activities/3/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20141021&type=CRE type: Debate in Parliament title: Debate in Parliament
activities/4/docs/0/text
  • The European Parliament adopted by 426 votes to 240, with 10 abstentions, a resolution on the European Semester for economic policy coordination: implementation of 2014 priorities

    Recalling that the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, Parliament stressed the following issues:

    Stimulate growth and investment: Parliament stressed that the challenges of the current economic situation, characterised by sluggish GDP – stable in the eurozone and rising by 0.2% in the EU-28 during the second quarter of 2014 – remarkably low inflation – down to 0.3% in August 2014, its lowest level since November 2009 – and unacceptably high unemployment – 11.5% in the eurozone and 10.2% in the EU-28 in July 2014 – have to be addressed urgently.

    Even though the economic recovery in the EU had encouraging signs in the previous two years, this recovery is very fragile and uneven, and must be sustained in order to deliver more growth and jobs in the medium term. The Commission is called urgently to set in motion a European investment program of EUR 300 billion as proposed by Jean-Claude Juncker to contribute to the short term recovery of European growth.

    National implementation of the country-specific recommendations (CSRs): Members stressed that there is an inconsistency between European commitment and national implementation of the CSRs by Member States. They are concerned that, according to the Commission, only 10 % of the CSRs for 2013 have been fully implemented. They noted, furthermore, that 45% of CSRs have seen limited or no progress.

    The resolution stressed the importance of ‘national ownership’ by the relevant governments of EU-level commitments. CSRs should be formulated so as to provide policy space to Member States for designing the measures and specific reforms required for addressing such recommendations.

    The Commission is urged to ensure concrete recommendations to the Member States and for the EU as a whole, including those under economic adjustment programmes, so that they not only address fiscal consolidation but also structural reforms that lead to real, sustainable and socially balanced growth, employment, strengthened competitiveness and increasing convergence.

    Economic and monetary union: Parliament called on the Commission to put forward proposals for the completion of the EMU without delay in accordance with all the guidelines in its blueprint on a deep and genuine EMU. It reiterated once more its demand for a legal act on ‘convergence guidelines’ to be adopted under the ordinary legislative procedure and suggested that, on this basis, the Member States could enter into a ’convergence partnership’ with the EU institutions, with the possibility of conditional funding for reform activities. Members invited the future Commission to put forward a proposal on the single external representation of the euro area.

    Financial sustainability and flexible application of the Stability Pact: while stressing that fiscal sustainability is a prerequisite for a long term growth, Parliament stressed that special emphasis should be placed on growth-enhancing reforms and policies especially by those Member States that have fiscal space to invest in order to promote growth and facilitate rebalancing in the Euro area. It recalled that the existing legal framework makes it possible, provided reforms have been initiated, to allow Member States a degree of flexibility, and urges that this flexibility should be exploited.

    Recommendations: Parliament supported the objective of placing emphasis on policies that enhance competitiveness, support investment and job creation, fight unemployment and improve the functioning of the labour market in particular in sectors with high growth potential. It stressed that cohesion policy represents a prominent investment framework for channelling growth friendly expenditure.

    The Europe 2020 Strategy should be fully take into account in the implementation of the European Semester.

    Parliament stressed the following priorities:

    • modernise their economies, social security systems, pension systems and health care, in order to avoid placing an excessive burden on future generations;
    • target structural reforms at improving labour markets’ capacity to integrate young people as well as other excluded groups into the workforce and should be able to present opportunities to older workers; establish a common and inclusive labour market and a common modern and inclusive immigration policy by avoiding protectionist tendencies;
    • implement an ambitious European energy policy which, by increasing security of supply and innovation in the energy sector, can bring about greater economic stability and growth;
    • simplify tax systems so as to restore a favourable environment for undertakings in all Member States without exception and to cut red-tape and reduce administrative burden;
    • complete the structural reforms by longer-term investment in education, research, innovation, a modern infrastructure and sustainable energy to enhance digital and ecological transition;
    • remedy the lack of access to finance, particularly for SMEs
    • propose measures to complete the internal market for capital to improve the allocation of capital to businesses in order to revitalise the real economy;
    • stress the importance of the expedition and completion of the banking union;
    • ensure that the green economy is considered as a major driver for the development of the economy.

    Parliament called on the new Commission to make the employment recovery an absolute priority by drawing up an ambitious and holistic strategy for growth and quality job creation and to propose a European framework introducing minimum standards for the implementation of the Youth Guarantees.

    Democratic accountability: the resolution stressed the need to strengthen democratic accountability to the European Parliament and the national parliaments as regards essential elements of the euro area’s operation, such as the European Stability Mechanism, Eurogroup decisions, and the monitoring and evaluation of financial assistance programmes.

    Members urged the Commission and the Member States, to incorporate financial assistance and the ad hoc system of the Troika into an improved legal structure compliant with the EU economic governance framework and community law, thereby guaranteeing democratic accountability. They requested that the Commission reports on a quarterly basis in Parliament’s competent committee on the measures taken to ensure progress on the implementation of the CSRs and on the progress achieved thus far. They invited Member States to explain the reasons for non-compliance with the CRSs in Parliament’s competent committee.

activities/4/docs/0/url
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2014-0038
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activities/4/docs
  • type: Decision by Parliament, 1st reading/single reading title: T8-0038/2014
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Decision by Parliament, 1st reading/single reading
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Procedure completed
activities/2
date
2014-10-20T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/00849
procedure/stage_reached
Old
Preparatory phase in Parliament
New
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activities
  • date: 2014-10-13T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee: BUDG date: 2014-07-23T00:00:00 committee_full: Budgets (Associated committee) rapporteur: group: ALDE name: TORVALDS Nils body: EP shadows: group: EPP name: ROSATI Dariusz group: S&D name: SZANYI Tibor group: ECR name: TERHO Sampo group: GUE/NGL name: MATIAS Marisa group: Verts/ALE name: EICKHOUT Bas responsible: True committee: ECON date: 2014-07-22T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: DE BACKER Philippe body: EP responsible: False committee: EMPL date: 2014-07-22T00:00:00 committee_full: Employment and Social Affairs (Associated committee) rapporteur: group: S&D name: GUTIÉRREZ PRIETO Sergio body: EP responsible: False committee: ENVI date: 2014-07-24T00:00:00 committee_full: Environment, Public Health and Food Safety rapporteur: group: ALDE name: GERBRANDY Gerben-Jan body: EP responsible: False committee: IMCO date: 2014-07-17T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: S&D name: COFFERATI Sergio Gaetano
  • date: 2014-10-15T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2014-0019&language=EN type: Committee report tabled for plenary, single reading title: A8-0019/2014 body: EP type: Committee report tabled for plenary, single reading
  • date: 2014-10-21T00:00:00 body: EP type: Debate in plenary scheduled
  • date: 2014-10-22T00:00:00 body: EP type: Vote in plenary scheduled
committees
  • body: EP responsible: False committee: BUDG date: 2014-07-23T00:00:00 committee_full: Budgets (Associated committee) rapporteur: group: ALDE name: TORVALDS Nils
  • body: EP shadows: group: EPP name: ROSATI Dariusz group: S&D name: SZANYI Tibor group: ECR name: TERHO Sampo group: GUE/NGL name: MATIAS Marisa group: Verts/ALE name: EICKHOUT Bas responsible: True committee: ECON date: 2014-07-22T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: ALDE name: DE BACKER Philippe
  • body: EP responsible: False committee: EMPL date: 2014-07-22T00:00:00 committee_full: Employment and Social Affairs (Associated committee) rapporteur: group: S&D name: GUTIÉRREZ PRIETO Sergio
  • body: EP responsible: False committee: ENVI date: 2014-07-24T00:00:00 committee_full: Environment, Public Health and Food Safety rapporteur: group: ALDE name: GERBRANDY Gerben-Jan
  • body: EP responsible: False committee: IMCO date: 2014-07-17T00:00:00 committee_full: Internal Market and Consumer Protection rapporteur: group: S&D name: COFFERATI Sergio Gaetano
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/secretariat_general/index_en.htm title: Secretariat General commissioner: BARROSO José Manuel
procedure
reference
2014/2059(INI)
title
European Semester for economic policy coordination: implementation of 2014 priorities
legal_basis
Rules of Procedure of the European Parliament EP 052
stage_reached
Preparatory phase in Parliament
type
INI - Own-initiative procedure
subject
5.10.01 Convergence of economic policies, public deficit, interest rates