Brussels, 11/12/2013 (Agence Europe) - On Tuesday 10 December, the Ecofin Council endorsed the European Commission's 2014 growth review that kicks off the European Semester for 2014.
In February or March, it will examine the Commission's detailed assessment of macro-economic imbalances in 16 member states (see EUROPE 10962).
In a report handed to ministers, Council national experts say that, overall, the member states share the Commission's analysis of the EU's economic situation for next year. The economic recovery is fragile but economic prospects seem to be picking up and European economies are continuing to correct their internal and external imbalances. Unemployment is stabilising, although at high levels, say the experts.
The ministers have agreed to the five key aspects of the Commission's report, namely continuation of differentiated budget consolidation processes to encourage growth (reducing tax on labour); restoring lending to the real economy (bringing in banking union in the eurozone while protecting the single market); encouraging competitiveness (flexible products and services markets and pay systems); tackling unemployment and the social impact of the crisis; and updating the civil service. (MB/transl.fl)