Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

European Union : Council adopts recommendations on the updated stability and convergence programmes

06/18/2021 | 11:25pm EDT

The Council today adopted recommendations on the updated stability and convergence programmes. The programmes reflect the continuation of the general escape clause and address the budgetary stances of member states in qualitative terms.

The Council adopted 27 recommendations on the updated stability and convergence programmes as part of the European Semester 2021 cycle. The cycle was launched in September 2020, when the Commission published its Annual Sustainable Growth Strategy. The strategy establishes a link between the European Semester and the recovery and resilience plans and states that member states' plans should aim to address the challenges included in the country-specific recommendations.

Member states submitted their stability and convergence programmes to the Commission, which assessed them taking into account the spring 2021 forecast and the general escape clause. The clause was activated in March 2020 due to the economic fallout from the COVID‑19 pandemic. It allows member states more budgetary flexibility to fight the crisis.

On 2 June 2021 the Commission adopted the recommendations for Council recommendations on the programmes. The Council introduced a small modification of one of the recommendations that applies to 26 member states. According to the rules, the Council must follow the Commission's recommendation or explain its position publicly. The explanation is referred to as a 'comply or explain' note. The Council today adopted the 'comply or explain' note together with the 27 recommendations.

The European Semester coordinates the member states' economic, fiscal, labour and social policies. It was the EU's response to the financial crisis, which emphasised the need for better policy coordination and surveillance at the EU level. Each year in spring, the Commission assesses the member states' convergence and stability programmes and issues recommendations to be adopted by the Council.

Visit the meeting page

Disclaimer

European Union published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 June 2021 03:24:09 UTC.


ę Publicnow 2021
Latest news "Economy & Forex"
02:54aOil edges higher on inventory drawdowns, Brent tops $75 a barrel
RE
02:51aBritish power generator Drax ups dividend as profits rise
RE
02:51aAstraZeneca vaccine sales jump to $894 million, submission for U.S. approval delayed
RE
02:49aNestle raises guidance after coffee drinkers boost its first half
RE
02:46aCaterer Compass reports Q3 margins at top end of forecast
RE
02:45aIron ore slumps on subdued China demand outlook for second half
RE
02:45aFrance's TotalEnergies to buy back shares as oil, gas prices boom
RE
02:44aSanofi raises profit forecast after second quarter beat
RE
02:42aBritain's Virgin Media 02 to upgrade network to fibre by 2028
RE
02:38aAB InBev exceeds pre-pandemic revenue as beer sales surge
RE
Latest news "Economy & Forex"