The 2022 European Semester and the Recovery and Resilience Facility

Daniel Alonso and María Matea Rosa
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Daniel Alonso: Banco de España

Economic Bulletin, 2023, issue 2023/Q1, No 04

Abstract: Rationale As a result of the pandemic and with the aim of adapting to a constantly changing environment, the European Semester has been immersed in an important restructuring process since 2020. The launch of the Recovery and Resilience Facility (RRF), a central element of the Next Generation EU (NGEU) temporary instrument, has made it necessary to adapt the European Semester to avoid overlaps and eliminate unnecessary administrative burdens. Takeaways • For the 2022 cycle, the European Semester preserves its main purpose of broad economic and employment policy coordination, while taking into account the implementation requirements of the RRF. • One of the key developments this year is the reintroduction of country reports and country-specific recommendations. A new recommendation included aims to reduce dependence on fossil fuels, in line with the REPowerEU objectives. • In the case of Spain, the recommendations are to: (i) ensure a prudent fiscal policy, (ii) continue implementing the Recovery, Transformation and Resilience Plan, (iii) increase recycling rates, and (iv) reduce dependence on fossil fuels.

Keywords: European Semester; Next Generation EU; Recovery and Resilience Facility; Recovery; Transformation and Resilience Plan; macroeconomic imbalances; general escape clause (search for similar items in EconPapers)
JEL-codes: F4 F5 F6 H5 H6 O4 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2023:i:01:n:04

DOI: 10.53479/29463

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