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European Commission, European Semester 2017 Spring Package explained, press release 22 May 2017
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European Commission - Fact SheetEuropean Semester 2017 Spring Package explained
Brussels, 22 May 2017
What did the Commission decide today?
The European Commission has taken the next steps in the 2017 cycle of the
European Semester of economic policy coordinatonn
o The package includes: country-specifc recommendatons (CSRs) for 27
Member States (all Member States except Greece, which is currently under a
stability support programme)n
o The recommendatons require Member States' action on the implementaton
of reforms in order to boost investment, pursue structural reforms and
ensure responsible fscal policies;
Recommendatons to the Council to abrogate the Excessive Defcit Procedures (EDP)
(under Artcle 126(12) of the Treaty on the Functoning of the European Union
(TFEU)) for Croatia and Portugal as these countries have brought their defcits below
the 3% of GDP Treaty reference value;
Reports on Belgium and Finland under Artcle 126(3) TFEU, reviewing their
compliance with the debt criterion of the Treaty in 2016;
A confrmaton concerning Italy that the requested additonal fscal measures for
2017 have been delivered and that therefore no further steps are deemed to be
necessary for compliance with the debt criterion at this stage;
A recommendaton to the Council with a view to giving a warning to Romania on the
existence of a signifcant observed deviaton from the adjustment path toward the
medium-term objectve in 2016, as well as a recommendaton to the Council with a
view to correctng the signifcant observed deviaton from the adjustment path
toward the medium-term objectve (under Artcle 121(4) TFEU and Artcle 10(2) of
Regulaton (EC) No 1466/97);
The conclusion that, based on the assessment of reform policy commitments of
Cyprus, Italy and Portugal, there is no need at this stage to step up the
macroeconomic imbalance procedure (MIP), provided that the countries swifly and
fully implement the reforms set out in their country-specifc recommendatonsn
COUNTRY-SPECIFIC RECOMMENDATIONS
What are the country-specifc recommendations?
Country-specifc recommendatons provide tailored guidance to individual Member
States on how to boost jobs, growth and investment, while maintaining sound
public fnances.
They give guidance on what can realistcally be achieved in the next 12-18 months to
make growth stronger, more sustainable and more inclusive, in line with the EU's
long-term jobs and growth plan, the Europe 2020 strategyn
What is new in the 2017 European Semester and country-specifc recommendations?
, In this year's editon, the Commission is now putng increased emphasis on the
multiannual dimension of the European Semester.
o A multannual perspectve on the implementaton of past country-specifc
recommendatons provides a clearer picture of the evoluton of progress
since each recommendaton was frst adoptedn
What progress have Member States made on the country-specifc recommendations?
The implementaton of reforms naturally takes tmen Looking back several years the
commitment of Member States to actively pursue structural reforms is confrmedn
Seen from the perspectve of today, two out of three recommended reform steps
have seen at least some progress, confrming that reforms are being implementedn
In partcular, reform progress has been the highest in the policy areas that concern
“fscal policy and fscal governance” as well as in “fnancial services”.
The areas showing least progress include competton in services and the business
environmentn
The overall picture that emerges is that Member States contnue to make eforts to
implement reforms, but so far the degree of progress ranges between 'limited' and
'some' for most policy areas identfedn
What should Member States do to boost fnancing, investment, productivity,
competitiveness and long-term growth?
Economic stability and the implementaton of reforms have contributed to strong job
creaton and the recovery of investment that has exceeded pre-crisis levels in some
Member Statesn
Further eforts are therefore needed to increase the stocks of capital equipment,
intangible capital and infrastructures and compensate for the investment gap
accumulated since the outbreak of the crisis, bring about a more efcient allocation
of resources and facilitate the adoption of new technologies and innovatve
business modelsn
Addressing the contnued shortall in investment requires a mix of demand and
supply policiesn Member States with fscal space should accelerate the upward trend
in public investment and ensure an environment that is conducive to productve
investmentn
Member States should take advantage of the favorable macroeconomic conditons
that are now in place for a pick-up in investment to accelerate the pace of reforms
and create opportunites for private investment in these areas
The implementaton of the European Fund for Strategic Investments is actng as a
catalyzer of private investmentsn
o Structural reforms are contributng to creatng a business environment
conducive to encourage private sector investments in Member States and
promote the integraton of companies in European and global value chainsn
o The Investment Plan for Europe, also known as the Juncker Plan, is already
strongly delivering concrete resultsn
o So far, the European Investment Bank (EIB) has approved projects for
fnancing under the European Fund for Strategic Investments (EFSI) for
fnancing volume of just under EUR 37 billionn
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