Country-specific recommendations for economic policies under the 2018 European Semester

João Capella-Ramos

Economic Bulletin Boxes, 2018, vol. 5

Abstract: Within the EU governance framework for the coordination of economic policies, the country-specific recommendations (CSRs) represent an integral part of the annual European Semester process. They provide guidance to individual EU Member States on how to address structural reform needs and macroeconomic imbalances in the following 12-18 months. CSRs are the instrument through which EU national economic policies are treated as a matter of common concern and coordinated within the Council of the European Union in accordance with Article 121 of the Treaty on the Functioning of the European Union. They therefore constitute a cornerstone of the EU's macroeconomic imbalance procedure (MIP), whose aim is to prevent, detect and correct macroeconomic imbalances in individual countries, thereby containing risks to the smooth functioning of Economic and Monetary Union (EMU). Their timely and proper implementation is critical to reducing vulnerabilities and strengthening the economic resilience of the euro area and the EU as a whole, ultimately leading to higher growth potential in the long term. Against the background of the 2018 CSRs received by 27 EU Member States (i.e. all excluding Greece ), this box examines the policy recommendations addressed to 18 euro area countries, with the exception of those that pertain strictly to the implementation of the EU's Stability and Growth Pact. JEL Classification: E60, F42

Keywords: Country-Specific Recommendations; economic governance; European Semester (search for similar items in EconPapers)
Date: 2018-08
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