On Tuesday 22 November, the European Commission kicked off the 2023 edition of the ‘European Semester’ budgetary process, which defines the broad socio-economic policy guidelines for next year in the European Union, against a background of a sharp slowdown in growth (0.3% in 2023 compared to 3.2% in 2022 in the euro area - see EUROPE B13062A28), strong inflationary pressures caused by Russia’s armed aggression against Ukraine.
In its Annual Sustainable Growth Survey, the EU...