Press Release: Commission presents proposals for strengthening economic policy co-ordination with the euro area

On 7.2.01, the European Commission adopted a Communication on the strengthening of economic policy co-ordination in the euro area. The Communication put forward a set of concrete steps to improve the co-ordination process by reinforcing its content, increasing the effectiveness of the co-ordination instruments and enhancing transparency. As regards the content, the Commission proposed a more systematic assessment of the overall euro-area policy-mix on the basis of input from the Commission and the elaboration of a set of rules that guides the conduct of economic policies. It proposed that euro-area Member States should abide by the principle of informing the Commission and the other members of the Eurogroup about important national economic policy measures and the key points of their stability programmes in advance. More regular dialogue should also take place between the Eurogroup, the ECB and the Commission.