Strenghtening Economic Governance in the EU – Report of the Task Force to the European Council, Brussels, 21 October 2010

The financial crisis and the more recent turmoil in sovereign debt markets have clearly highlighted challenges in the European Union’s economic governance. To address these challenges, a fundamental shift in European economic governance is needed, commensurate to the degree of economic and financial integration already achieved through the monetary union and the internal market. The recommendations in the Task Force Report address the
high degree of economic inter-dependence, particularly in the euro area, while preserving national responsibilities on fiscal and economic policies. The recommendations should be implemented in five main directions: 1. Towards greater fiscal discipline; 2. Broadening economic surveillance: a new surveillance mechanism; 3. Deeper and broader coordination: the ‘European Semester’; 4. Robust framework for crisis management; 5. Stronger institutions for more effective economic governance.