Council Recommendation of 12 April 2024 on the economic policy of the euro area

Summary:

Recommendation adopted by the Council of the European Union on 12 April 2024 providing advice to the Member States of the Eurozone on topics that affect the functioning of the Euro area as a whole.

Further information:

The Council of the European Union recommends that Eurozone Member States take action to:

• Adopted coordinated and prudent fiscal policies to keep debt at prudent levels or put debt ratios on a plausibly downward path;
• Sustain a high level of public investment, to support the green and digital transitions, strengthen productivity, competitiveness and boost economic and social resilience;
• Support wage developments that mitigate loss of purchasing-power, especially for law-income earners;
• Remove investment obstacles to reduce the gap in investment for the green and digital transitions;
• Preserve macro-financial stability, maintain the credit channels to the economy and avoid the risk of financial fragmentation;
• Further steps in deepening the Economic and Monetary Union (EMU) should take into account lessons learnt from the EU's economic policy response to the COVID-19 (coronavirus) crisis.

The draft text was put forward by the European Commission on 21 November 2023 as part of the autumn package of the 2024 European Semester cycle. The Council of the European Union adopted the Recommendation on 12 April 2024. The text was published in the Official Journal on 23 April 2024.

Official

EUR-LEX: COM(2023)903: Recommendation for a Council Recommendation on the economic policy of the euro area https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2023:903:FIN

EUR-LEX: SWD(2023)903: Staff Working Document accompanying the draft Recommendation - 2024 Report on the Euro Area https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2023:903:FIN

European Commission: Press Release, 21/11/2023: Commission sets out key priorities in the European Semester for the year ahead to strengthen EU competitiveness https://ec.europa.eu/commission/presscorner/detail/en/ip_23_5871

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