BETA


2014/2221(INI) European semester for economic policy coordination: annual growth survey 2015

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON ROSATI Dariusz (icon: PPE PPE) SANT Alfred (icon: S&D S&D), TERHO Sampo (icon: ECR ECR), TORVALDS Nils (icon: ALDE ALDE), VIEGAS Miguel (icon: GUE/NGL GUE/NGL), URTASUN Ernest (icon: Verts/ALE Verts/ALE), VALLI Marco (icon: EFDD EFDD)
Committee Opinion BUDG ARTHUIS Jean (icon: ALDE ALDE) Vladimír MAŇKA (icon: S&D S&D)
Committee Opinion ENVI GRAMMATIKAKIS Giorgos (icon: S&D S&D) José Inácio FARIA (icon: ALDE ALDE)
Lead committee dossier:
Legal Basis:
RoP 54

Events

2015/07/20
   EC - Commission response to text adopted in plenary
Documents
2015/03/11
   EP - Results of vote in Parliament
2015/03/11
   EP - Debate in Parliament
2015/03/11
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 437 votes to 249, with 11 abstentions, a resolution on the European Semester for economic policy coordination: Annual Growth Survey 2015.

Recalling that economic recovery in the EU slowed down considerably in the course of 2014, Parliament continued to support the three main pillars approach as the right way to achieve higher growth levels and to strengthen the recovery process:

1. boosting investment,

2. accelerating structural reforms,

3. pursuing responsible growth-friendly fiscal consolidation

This approach should be fully incorporated into the upcoming country-specific recommendations (CSRs).

Parliament supported the Commission’s suggestions for improving the European Semester by streamlining existing procedures , including its timetable, and increasing the involvement of national parliaments, with a view to strengthening national ownership of structural reforms.

Boosting competitiveness : Parliament expressed concern that most Member States are still losing market shares globally. Therefore, the resolution stated that the EU economy as a whole needs to boost its competitiveness further in the global economy , particularly by increasing competition in the product and services markets in order to enhance innovation-driven efficiency.

Investment and cutting back on expenditure : Parliament stated that the lack of investment is caused by low confidence, subdued expectations of demand aggravated by austerity measures seeking to correct overspending, lack of appropriate financing capacity and the fact that in many cases the Member States and the EU fail to take proper action to cope with these factors. It stressed that the investment gap can be bridged by targeted public investments and significantly higher levels of investments in private companies and in European businesses. Members stressed that Member States should cut back on current expenditure rather than reducing investment commitments and they called for reforms facilitating a new entrepreneurial climate .

As regards the Investment Plan for Europe , Parliament stated that it should focus in the first place on projects with a European added value which are not yet eligible for banking finance. Concerned about the lack of progress in reducing excessive private debt levels , it pointed out that this is not only a concern for financial stability, as it also limits the EU’s growth potential and makes the ECB’s monetary policy less effective. Further proposals are called for on the preparation of effective procedures for private sector deleveraging, including bankruptcy and insolvency procedures.

Structural reforms : the resolution emphasised that a more relaxed ECB monetary policy should be complemented by ambitious and socially sustainable structural reforms by the Member States. It also called on the Member States to safeguard and enhance the inclusiveness, sustainability and fairness of social protection and to improve and streamline the legal and administrative environment for business investment. Urgent action should be taken by the Commission to fight tax fraud and tax evasion .

Parliament stressed that reducing the EU’s dependence on external energy sources must form part of its growth strategy. It reiterated, therefore, the need to diversify external energy supplies, to upgrade the EU’s energy infrastructure and to complete the EU internal energy market as key priorities of the EU energy security strategy.

Fiscal responsibility : Parliament welcomed the strong decrease in the number of countries under the excessive deficit procedure – down to 11 in 2014 from 24 in 2011. The fiscal stance in the EU is now expected to remain broadly neutral in 2015. It stressed the need to continue to pursue growth-friendly fiscal consolidation and invited Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and job creation.

Democratic accountability : Parliament called on the Commission to make the necessary proposals to address the lack of proper democratic accountability in EU economic governance. It considered it vital that the European Parliament and the national parliaments collaborate more closely in the context of the European Semester on economic and budgetary governance. In this context, it deplored the fact that the amount of unpaid bills in the EU budget undermines the credibility of the EU. The resolution also highlighted the urgent need to effectively tackle the tax fraud which is potentially depriving the EU budget of substantial resources and called on the Commission to submit an analysis of the possible impact of redeploying funds from EU programmes such as the Connecting Europe Facility and Horizon 2020.

Documents
2015/03/11
   EP - End of procedure in Parliament
2015/03/02
   EP - Committee report tabled for plenary, single reading
Details

The Committee on Economic and Monetary Affairs adopted the own-initiative report by Dariusz ROSATI (EPP, PL) on the European Semester for economic policy coordination: Annual Growth Survey 2015.

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

Recalling that economic recovery in the EU slowed down considerably in the course of 2014, Members continued to support the three main pillars approach as the right way to achieve higher growth levels and to strengthen the recovery process:

1. boosting investment,

2. accelerating structural reforms,

3. pursuing responsible growth-friendly fiscal consolidation

This approach should be fully incorporated into the upcoming country-specific recommendations (CSRs).

Members supported the Commission’s suggestions for improving the European Semester by streamlining existing procedures, including its timetable, and increasing the involvement of national parliaments, with a view to strengthening national ownership of structural reforms.

Boosting competitiveness : Members expressed concern that most Member States are still losing market shares globally. Therefore, they stated that the EU economy as a whole needs to boost its competitiveness further in the global economy , particularly by increasing competition in the product and services markets in order to enhance innovation-driven efficiency.

Investment and cutting back on expenditure : the report stressed that Member States, when having to manage their expenditure according to the requirements of the Stability and Growth Pact (SGP), should cut back on current expenditure rather than reducing investment commitments. Member called for reforms facilitating a new entrepreneurial climate.

As regards the Investment Plan for Europe , Members stated that it should focus in the first place on projects with a European added value which are not yet eligible for banking finance.

Concerned about the lack of progress in reducing excessive private debt levels , Members pointed out that this is not only a concern for financial stability, as it also limits the EU’s growth potential and makes the ECB’s monetary policy less effective. Further proposals are called for on the preparation of effective procedures for private sector deleveraging, including bankruptcy and insolvency procedures.

Structural reforms : Members emphasised that a more relaxed ECB monetary policy should be complemented by ambitious and socially sustainable structural reforms by the Member States. They also called on the Member States to safeguard and enhance the inclusiveness, sustainability and fairness of social protection and to improve and streamline the legal and administrative environment for business investment. Urgent action should be taken by the Commission to fight tax fraud and tax evasion .

Members reiterated their call on the Commission to improve the governance of the single market. On the other hand, they considered it deplorable that the Single Market Integration report has been omitted for 2015.

Fiscal responsibility : Members welcomed the strong decrease in the number of countries under the excessive deficit procedure – down to 11 in 2014 from 24 in 2011. The fiscal stance in the EU is now expected to remain broadly neutral in 2015. They stressed the need to continue to pursue growth-friendly fiscal consolidation and invited Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and job creation.

Democratic accountability : Members called on the Commission to make the necessary proposals to address the lack of proper democratic accountability in EU economic governance. They considered it vital that the European Parliament and the national parliaments collaborate more closely in the context of the European Semester on economic and budgetary governance. In this context, they deplored the fact that the amount of unpaid bills in the EU budget undermines the credibility of the EU.

Documents
2015/02/24
   EP - Vote in committee, 1st reading/single reading
2015/02/23
   EP - Committee opinion
Documents
2015/02/17
   CSL - Resolution/conclusions adopted by Council
2015/02/17
   CSL - Council Meeting
2015/01/30
   EP - Committee opinion
Documents
2015/01/19
   EP - Amendments tabled in committee
Documents
2014/12/17
   EP - Committee referral announced in Parliament, 1st reading/single reading
2014/12/17
   EP - Referral to associated committees announced in Parliament
2014/12/16
   CSL - Debate in Council
Documents
2014/12/16
   CSL - Council Meeting
2014/12/15
   EP - Committee draft report
Documents
2014/12/11
   EP - ARTHUIS Jean (ALDE) appointed as rapporteur in BUDG
2014/12/09
   CSL - Debate in Council
Documents
2014/12/09
   CSL - Council Meeting
2014/11/19
   EP - GRAMMATIKAKIS Giorgos (S&D) appointed as rapporteur in ENVI
2014/10/21
   EP - ROSATI Dariusz (PPE) appointed as rapporteur in ECON

Documents

Activities

Votes

A8-0037/2015 - Dariusz Rosati - Résolution

2015/03/11 Outcome: +: 437, -: 249, 0: 11
DE RO IT ES BG PT PL HU LT CZ SE HR IE SI MT SK BE EE AT LV LU FI DK NL CY EL FR GB
Total
90
28
68
51
17
21
46
20
10
19
19
10
9
8
6
12
21
5
18
6
5
11
11
25
5
20
72
63
icon: PPE PPE
210
2

Estonia PPE

For (1)

1

Luxembourg PPE

3

Finland PPE

2

Denmark PPE

For (1)

1
icon: S&D S&D
175

Czechia S&D

2

Croatia S&D

For (1)

1

Ireland S&D

For (1)

1

Slovenia S&D

For (1)

1

Malta S&D

3
3

Belgium S&D

4

Latvia S&D

1

Netherlands S&D

For (1)

Against (1)

2

Cyprus S&D

For (1)

1
icon: ALDE ALDE
65

Romania ALDE

2

Croatia ALDE

2

Slovenia ALDE

For (1)

1

Estonia ALDE

3

Austria ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Denmark ALDE

3

United Kingdom ALDE

1
icon: EFDD EFDD
40

Poland EFDD

1

Lithuania EFDD

2

Czechia EFDD

Against (1)

1

Sweden EFDD

2

France EFDD

1
icon: GUE/NGL GUE/NGL
48

Italy GUE/NGL

3

Sweden GUE/NGL

Against (1)

1

Ireland GUE/NGL

Against (1)

4

Finland GUE/NGL

Against (1)

1

Netherlands GUE/NGL

3

Cyprus GUE/NGL

2

United Kingdom GUE/NGL

1
icon: NI NI
49

Germany NI

Against (1)

2

Poland NI

2
3

Belgium NI

Against (1)

1

Netherlands NI

4

United Kingdom NI

Against (1)

1
icon: Verts/ALE Verts/ALE
48

Hungary Verts/ALE

2

Lithuania Verts/ALE

Against (1)

1

Sweden Verts/ALE

3

Croatia Verts/ALE

Against (1)

1

Slovenia Verts/ALE

Against (1)

1

Belgium Verts/ALE

2

Estonia Verts/ALE

Abstain (1)

1

Austria Verts/ALE

3

Latvia Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Finland Verts/ALE

Against (1)

1

Denmark Verts/ALE

Against (1)

1

Netherlands Verts/ALE

2

United Kingdom Verts/ALE

6
icon: ECR ECR
61

Bulgaria ECR

2

Czechia ECR

2

Croatia ECR

Abstain (1)

1

Finland ECR

2

Netherlands ECR

2

Greece ECR

Against (1)

1
AmendmentsDossier
330 2014/2221(INI)
2014/12/10 ENVI 40 amendments...
source: 544.343
2015/01/19 ECON 241 amendments...
source: 546.670
2015/01/26 BUDG 49 amendments...
source: 546.807

History

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

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rapporteur
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docs/4/body
EC
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http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0037&language=EN
New
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events/9/docs/0/url
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New
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activities
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  • date: 2015-02-17T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3370
  • date: 2015-02-24T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee: BUDG date: 2014-12-11T00:00:00 committee_full: Budgets (Associated committee) rapporteur: group: ALDE name: ARTHUIS Jean body: EP shadows: group: S&D name: SANT Alfred group: ECR name: TERHO Sampo group: ALDE name: TORVALDS Nils group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: URTASUN Ernest group: EFD name: VALLI Marco responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: EPP name: ROSATI Dariusz body: EP responsible: False committee: ENVI date: 2014-11-19T00:00:00 committee_full: Environment, Public Health and Food Safety rapporteur: group: S&D name: GRAMMATIKAKIS Giorgos
  • date: 2015-03-02T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0037&language=EN type: Committee report tabled for plenary, single reading title: A8-0037/2015 body: EP type: Committee report tabled for plenary, single reading
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commission
  • body: EC dg: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
committees/0
type
Responsible Committee
body
EP
associated
True
committee_full
Economic and Monetary Affairs
committee
ECON
date
2014-10-21T00:00:00
rapporteur
name: ROSATI Dariusz group: European People's Party (Christian Democrats) abbr: PPE
shadows
committees/0
body
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committee
BUDG
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committee_full
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rapporteur
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committees/1
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Committee Opinion
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EP
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committee_full
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committee
BUDG
date
2014-12-11T00:00:00
rapporteur
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committees/1
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committees/2
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council
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3370 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3370*&MEET_DATE=17/02/2015 date: 2015-02-17T00:00:00
  • body: CSL type: Council Meeting council: General Affairs meeting_id: 3362 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3362*&MEET_DATE=16/12/2014 date: 2014-12-16T00:00:00
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3356 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3356*&MEET_DATE=09/12/2014 date: 2014-12-09T00:00:00
docs
  • date: 2014-12-15T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE544.392 title: PE544.392 type: Committee draft report body: EP
  • date: 2015-01-19T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE546.670 title: PE546.670 type: Amendments tabled in committee body: EP
  • date: 2015-01-30T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE544.125&secondRef=02 title: PE544.125 committee: ENVI type: Committee opinion body: EP
  • date: 2015-02-23T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE546.556&secondRef=03 title: PE546.556 committee: BUDG type: Committee opinion body: EP
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events
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  • date: 2014-12-17T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2014-12-17T00:00:00 type: Referral to associated committees announced in Parliament body: EP
  • date: 2015-02-17T00:00:00 type: Resolution/conclusions adopted by Council body: CSL
  • date: 2015-02-24T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2015-03-02T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0037&language=EN title: A8-0037/2015 summary: The Committee on Economic and Monetary Affairs adopted the own-initiative report by Dariusz ROSATI (EPP, PL) on the European Semester for economic policy coordination: Annual Growth Survey 2015. The Committee on Budgets, exercising its prerogatives as an associated committee under Parliament’s Rule 54 of the Rules of Procedure was consulted to give an opinion on the report. Recalling that economic recovery in the EU slowed down considerably in the course of 2014, Members continued to support the three main pillars approach as the right way to achieve higher growth levels and to strengthen the recovery process: 1. boosting investment, 2. accelerating structural reforms, 3. pursuing responsible growth-friendly fiscal consolidation This approach should be fully incorporated into the upcoming country-specific recommendations (CSRs). Members supported the Commission’s suggestions for improving the European Semester by streamlining existing procedures, including its timetable, and increasing the involvement of national parliaments, with a view to strengthening national ownership of structural reforms. Boosting competitiveness : Members expressed concern that most Member States are still losing market shares globally. Therefore, they stated that the EU economy as a whole needs to boost its competitiveness further in the global economy , particularly by increasing competition in the product and services markets in order to enhance innovation-driven efficiency. Investment and cutting back on expenditure : the report stressed that Member States, when having to manage their expenditure according to the requirements of the Stability and Growth Pact (SGP), should cut back on current expenditure rather than reducing investment commitments. Member called for reforms facilitating a new entrepreneurial climate. As regards the Investment Plan for Europe , Members stated that it should focus in the first place on projects with a European added value which are not yet eligible for banking finance. Concerned about the lack of progress in reducing excessive private debt levels , Members pointed out that this is not only a concern for financial stability, as it also limits the EU’s growth potential and makes the ECB’s monetary policy less effective. Further proposals are called for on the preparation of effective procedures for private sector deleveraging, including bankruptcy and insolvency procedures. Structural reforms : Members emphasised that a more relaxed ECB monetary policy should be complemented by ambitious and socially sustainable structural reforms by the Member States. They also called on the Member States to safeguard and enhance the inclusiveness, sustainability and fairness of social protection and to improve and streamline the legal and administrative environment for business investment. Urgent action should be taken by the Commission to fight tax fraud and tax evasion . Members reiterated their call on the Commission to improve the governance of the single market. On the other hand, they considered it deplorable that the Single Market Integration report has been omitted for 2015. Fiscal responsibility : Members welcomed the strong decrease in the number of countries under the excessive deficit procedure – down to 11 in 2014 from 24 in 2011. The fiscal stance in the EU is now expected to remain broadly neutral in 2015. They stressed the need to continue to pursue growth-friendly fiscal consolidation and invited Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and job creation. Democratic accountability : Members called on the Commission to make the necessary proposals to address the lack of proper democratic accountability in EU economic governance. They considered it vital that the European Parliament and the national parliaments collaborate more closely in the context of the European Semester on economic and budgetary governance. In this context, they deplored the fact that the amount of unpaid bills in the EU budget undermines the credibility of the EU.
  • date: 2015-03-11T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=25344&l=en title: Results of vote in Parliament
  • date: 2015-03-11T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20150311&type=CRE title: Debate in Parliament
  • date: 2015-03-11T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0067 title: T8-0067/2015 summary: The European Parliament adopted by 437 votes to 249, with 11 abstentions, a resolution on the European Semester for economic policy coordination: Annual Growth Survey 2015. Recalling that economic recovery in the EU slowed down considerably in the course of 2014, Parliament continued to support the three main pillars approach as the right way to achieve higher growth levels and to strengthen the recovery process: 1. boosting investment, 2. accelerating structural reforms, 3. pursuing responsible growth-friendly fiscal consolidation This approach should be fully incorporated into the upcoming country-specific recommendations (CSRs). Parliament supported the Commission’s suggestions for improving the European Semester by streamlining existing procedures , including its timetable, and increasing the involvement of national parliaments, with a view to strengthening national ownership of structural reforms. Boosting competitiveness : Parliament expressed concern that most Member States are still losing market shares globally. Therefore, the resolution stated that the EU economy as a whole needs to boost its competitiveness further in the global economy , particularly by increasing competition in the product and services markets in order to enhance innovation-driven efficiency. Investment and cutting back on expenditure : Parliament stated that the lack of investment is caused by low confidence, subdued expectations of demand aggravated by austerity measures seeking to correct overspending, lack of appropriate financing capacity and the fact that in many cases the Member States and the EU fail to take proper action to cope with these factors. It stressed that the investment gap can be bridged by targeted public investments and significantly higher levels of investments in private companies and in European businesses. Members stressed that Member States should cut back on current expenditure rather than reducing investment commitments and they called for reforms facilitating a new entrepreneurial climate . As regards the Investment Plan for Europe , Parliament stated that it should focus in the first place on projects with a European added value which are not yet eligible for banking finance. Concerned about the lack of progress in reducing excessive private debt levels , it pointed out that this is not only a concern for financial stability, as it also limits the EU’s growth potential and makes the ECB’s monetary policy less effective. Further proposals are called for on the preparation of effective procedures for private sector deleveraging, including bankruptcy and insolvency procedures. Structural reforms : the resolution emphasised that a more relaxed ECB monetary policy should be complemented by ambitious and socially sustainable structural reforms by the Member States. It also called on the Member States to safeguard and enhance the inclusiveness, sustainability and fairness of social protection and to improve and streamline the legal and administrative environment for business investment. Urgent action should be taken by the Commission to fight tax fraud and tax evasion . Parliament stressed that reducing the EU’s dependence on external energy sources must form part of its growth strategy. It reiterated, therefore, the need to diversify external energy supplies, to upgrade the EU’s energy infrastructure and to complete the EU internal energy market as key priorities of the EU energy security strategy. Fiscal responsibility : Parliament welcomed the strong decrease in the number of countries under the excessive deficit procedure – down to 11 in 2014 from 24 in 2011. The fiscal stance in the EU is now expected to remain broadly neutral in 2015. It stressed the need to continue to pursue growth-friendly fiscal consolidation and invited Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and job creation. Democratic accountability : Parliament called on the Commission to make the necessary proposals to address the lack of proper democratic accountability in EU economic governance. It considered it vital that the European Parliament and the national parliaments collaborate more closely in the context of the European Semester on economic and budgetary governance. In this context, it deplored the fact that the amount of unpaid bills in the EU budget undermines the credibility of the EU. The resolution also highlighted the urgent need to effectively tackle the tax fraud which is potentially depriving the EU budget of substantial resources and called on the Commission to submit an analysis of the possible impact of redeploying funds from EU programmes such as the Connecting Europe Facility and Horizon 2020.
  • date: 2015-03-11T00:00:00 type: End of procedure in Parliament body: EP
links
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure/dossier_of_the_committee
Old
ECON/8/01999
New
  • ECON/8/01999
procedure/legal_basis/0
Rules of Procedure EP 54
procedure/legal_basis/0
Rules of Procedure of the European Parliament EP 052
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Old
  • 5.05 Economic growth
  • 5.10.01 Convergence of economic policies, public deficit, interest rates
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5.05
Economic growth
5.10.01
Convergence of economic policies, public deficit, interest rates
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  • The European Parliament adopted by 437 votes to 249, with 11 abstentions, a resolution on the European Semester for economic policy coordination: Annual Growth Survey 2015.

    Recalling that economic recovery in the EU slowed down considerably in the course of 2014, Parliament continued to support the three main pillars approach as the right way to achieve higher growth levels and to strengthen the recovery process:

    1.      boosting investment,

    2.      accelerating structural reforms,

    3.      pursuing responsible growth-friendly fiscal consolidation

    This approach should be fully incorporated into the upcoming country-specific recommendations (CSRs).

    Parliament supported the Commission’s suggestions for improving the European Semester by streamlining existing procedures, including its timetable, and increasing the involvement of national parliaments, with a view to strengthening national ownership of structural reforms.

    Boosting competitiveness: Parliament expressed concern that most Member States are still losing market shares globally. Therefore, the resolution stated that the EU economy as a whole needs to boost its competitiveness further in the global economy, particularly by increasing competition in the product and services markets in order to enhance innovation-driven efficiency.

    Investment and cutting back on expenditure: Parliament stated that the lack of investment is caused by low confidence, subdued expectations of demand aggravated by austerity measures seeking to correct overspending, lack of appropriate financing capacity and the fact that in many cases the Member States and the EU fail to take proper action to cope with these factors. It stressed that the investment gap can be bridged by targeted public investments and significantly higher levels of investments in private companies and in European businesses. Members stressed that Member States should cut back on current expenditure rather than reducing investment commitments and they called for reforms facilitating a new entrepreneurial climate.

    As regards the Investment Plan for Europe, Parliament stated that it should focus in the first place on projects with a European added value which are not yet eligible for banking finance. Concerned about the lack of progress in reducing excessive private debt levels, it pointed out that this is not only a concern for financial stability, as it also limits the EU’s growth potential and makes the ECB’s monetary policy less effective. Further proposals are called for on the preparation of effective procedures for private sector deleveraging, including bankruptcy and insolvency procedures.

    Structural reforms: the resolution emphasised that a more relaxed ECB monetary policy should be complemented by ambitious and socially sustainable structural reforms by the Member States. It also called on the Member States to safeguard and enhance the inclusiveness, sustainability and fairness of social protection and to improve and streamline the legal and administrative environment for business investment. Urgent action should be taken by the Commission to fight tax fraud and tax evasion.

    Parliament stressed that reducing the EU’s dependence on external energy sources must form part of its growth strategy. It reiterated, therefore, the need to diversify external energy supplies, to upgrade the EU’s energy infrastructure and to complete the EU internal energy market as key priorities of the EU energy security strategy.

    Fiscal responsibility: Parliament welcomed the strong decrease in the number of countries under the excessive deficit procedure – down to 11 in 2014 from 24 in 2011. The fiscal stance in the EU is now expected to remain broadly neutral in 2015. It stressed the need to continue to pursue growth-friendly fiscal consolidation and invited Member States with sufficient fiscal space to consider reducing taxes and social security contributions with a view to stimulating private investment and job creation.

    Democratic accountability: Parliament called on the Commission to make the necessary proposals to address the lack of proper democratic accountability in EU economic governance. It considered it vital that the European Parliament and the national parliaments collaborate more closely in the context of the European Semester on economic and budgetary governance. In this context, it deplored the fact that the amount of unpaid bills in the EU budget undermines the credibility of the EU. The resolution also highlighted the urgent need to effectively tackle the tax fraud which is potentially depriving the EU budget of substantial resources and called on the Commission to submit an analysis of the possible impact of redeploying funds from EU programmes such as the Connecting Europe Facility and Horizon 2020.

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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0037&language=EN type: Committee report tabled for plenary, single reading title: A8-0037/2015
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  • type: Decision by Parliament, 1st reading/single reading title: T8-0067/2015
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  • body: CSL meeting_id: 3356 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3356*&MEET_DATE=09/12/2014 type: Debate in Council title: 3356 council: Economic and Financial Affairs ECOFIN date: 2014-12-09T00:00:00 type: Council Meeting
  • body: CSL meeting_id: 3362 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3362*&MEET_DATE=16/12/2014 type: Debate in Council title: 3362 council: General Affairs date: 2014-12-16T00:00:00 type: Council Meeting
  • date: 2015-02-23T00:00:00 body: EP type: Vote scheduled in committee, 1st reading/single reading
  • date: 2015-03-09T00:00:00 body: EP type: Indicative plenary sitting date, 1st reading/single reading
committees
  • body: EP responsible: False committee: BUDG date: 2014-12-11T00:00:00 committee_full: Budgets (Associated committee) rapporteur: group: ALDE name: ARTHUIS Jean
  • body: EP shadows: group: S&D name: SANT Alfred group: ECR name: TERHO Sampo group: ALDE name: TORVALDS Nils responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs (Associated committee) rapporteur: group: EPP name: ROSATI Dariusz
  • body: EP responsible: False committee: ENVI date: 2014-11-19T00:00:00 committee_full: Environment, Public Health and Food Safety rapporteur: group: S&D name: GRAMMATIKAKIS Giorgos
links
other
  • body: CSL type: Council Meeting council: Former Council configuration
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure
reference
2014/2221(INI)
title
European semester for economic policy coordination: annual growth survey 2015
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Rules of Procedure of the European Parliament EP 052
stage_reached
Preparatory phase in Parliament
type
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subject