|European Commission: DG Economic and Financial Affairs
|COM (2020) 55
Communication published by the European Commission on 5 February 2020, which presents a review on the effectiveness of the European Union's economic surveillance framework.
This Communication reviews the EU's economic governance framework, and in specific it assesses the application of the six- and two-pack legislation. It also sets out how the European Commission plans to consult interested parties to receive their views on the functioning of the economic framework and the possible ways to enhance its effectiveness.
The six-pack and two-pack legislation was introduced to address the vulnerabilities exposed by the economic and financial crisis. The legislative acts require the European Commission to review and report on the application of the legislation every five years. The start of a new political cycle at European level appeared as an opportunity to assess the effectiveness of the existing rules. The main questions addressed in this review are the extent to which the different surveillance elements were effective in achieving their key roles, namely:
The review finds that the surveillance framework supported the correction of existing macroeconomic imbalances and the reduction of public debt. It also promoted sustained convergence of Member States' economic performances and closer coordination of fiscal policies within the Euro area. However, the assessment highlghts that the fiscal framework became excessively complex as a result of the need to cater for a wide variety of evolving circumstances while pursuing multiple objectives.
This Communication was also used to launch a public debate on the economic governance framework. The engagement was set to take place through various means, including dedicated meetings, workshops and an online consultation platform.
|Economic and Financial Affairs
|Economic Governance | Situation
|European Union [EU]