Recommendation for a Council Recommendation on the economic policy of the euro area

Summary:

Recommendation tabled by the European Commission on 22 November 2022 for a Council Recommendation on the economic policy of the euro area for 2023.

Further information:

The euro area recommendation presents tailored advice to euro area Member States on those topics that affect the functioning of the euro area as a whole. The recommendation reviews fiscal, financial and structural issues, as well as institutional aspects of the European Union's Economic and Monetary Union (EMU).

The document recommends that Eurozone countries continue to coordinate fiscal policies to support the timely return of inflation to a 2% medium-term target, and that they sustain a high level of public investment to foster social and economic resilience and support for the green and digital transitions. It adds that Member States should ensure that support provided to households and companies that come under financial stress due to the energy crisis is cost-effective, temporary, and targeted to vulnerable ones.

The recommendation also argues that countries should foster wage developments while limiting second-round effects on inflation, further improve active labour market policies and address skills shortages. It recommends that Member States ensure the effective involvement of social partners in policy-making, further improve the business environment and preserve macro-financial stability.

The recommendation was adopted by the European Commission on 22 November 2022.

• Primary Source

Official

EUR-LEX: SWD(2022)382: Staff Working Document accompanying the Proposal - 2023 Report on the euro area https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2022:382:FIN

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ESO Records

2023 European Semester Autumn Package https://www.europeansources.info/record/2023-european-semester-autumn-package/

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