The Broad Economic Policy Guidelines: Before and After the Re‐launch of the Lisbon Strategy*

Servaas Deroose, Dermot Hodson and Joost Kuhlmann

Journal of Common Market Studies, 2008, vol. 46, issue 4, 827-848

Abstract: This article explores the evolution of the European Union's Broad Economic Policy Guidelines (BEPGs) since their introduction in 1993. It argues that the BEPGs have demonstrated value‐added as an overarching instrument of policy co‐ordination and as a catalyst for co‐operation between European and national policy‐makers. Notwithstanding this, the effectiveness of the BEPGs appears to have been hindered by the progressive accumulation of guidelines and by the failure of peer pressure to bite as a sanction mechanism. The re‐launch of the Lisbon Strategy in March 2005 simplified and streamlined the BEPGs, embedding them within a new set of Integrated Guidelines for Growth and Jobs. Key issues surrounding the future of the BEPGs concern their potential as a trigger for ‘home grown’ peer pressure, their attention to euro area specific issues and the involvement of the European Parliament in multilateral surveillance.

Date: 2008
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