Council Recommendation on the economic policy of the euro area

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Series Title
Series Details C 153, Pages 1-6
Publication Date 07/04/2022
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Recommendation - formally signed by the Council of the European Union on 5 April 2022 - concerning the economic policy of the Euro area for 2022.

Further information:

This recommendation presents tailored advice to Eurozone Member States on those topics that affect the functioning of Euro are as a whole. It recommends that the countries take action over 2022-2023, individually and collectively within the Eurogroup, to continue to use and coordinate national fiscal policies to effectively underpin a sustainable recovery. The recommendation calls for a moderately supportive fiscal stance to be maintained in 2022 across the euro area and for fiscal policy measures to gradually pivot towards investments that promote a resilient and sustainable recovery.

Likewise, it highlights the importance of a transition from emergency to recovery measures in labour markets by ensuring effective active labour market policies, in line with the Commission Recommendation on an Effective Active Support to Employment following the COVID-19 crisis (EASE). Euro area Member States should maintain an agile fiscal policy to be able to react if pandemic risks re-emerge. Once economic conditions allow, euro area Member States should pursue fiscal policies aimed at achieving prudent medium-term fiscal positions and ensuring debt sustainability, while enhancing investment.

This document also calls for work to continue on completing the Banking Union, strengthening the international role of the euro, and for supporting the process of creating a digital euro.

The draft recommendation was published on 24 November 2021 as part of the Autumn Package of the 2022 European SemesterThe Council of the European Union approved it at a meeting on 18 January 2022, which was later endorsed by the European Council at a summit in March 2022. The Recommendation was formally signed on 5 April 2022 and published in the Official Journal on 7 April 2022.

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Related Links
EUR-LEX: COM(2021)742: Recommendation for a Council Recommendation on the economic policy of the euro area
EUR-LEX: SWD(2021)362: Staff Working Document accompanying the Recommendation - Analysis of the euro area economy

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