Press Release: Commission assesses implementation of 2002 Broad Economic Policy Guidelines

The European Commission gave its assessment on 14 January 2003 of the implementation of the 2002 Broad Economic Policy Guidelines (BEPGs). Macroeconomic policy was broadly adequate but there were differences across Member States. Automatic stabilisers acted to cushion weak economic activity but in several member states we had discretionary budgetary loosening or failure to consolidate structural deficits. This and sticky inflation have limited the room for manoeuvre. The pace of structural reform, which lost its momentum in 2001, was not stepped up in 2002.

http://ec.europa.eu/comm/economy_finance/publications/european_economy/implement2002_en.htm http://ec.europa.eu/comm/economy_finance/publications/european_economy/implement2002_en.htm

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