Memo: The EC proposals to reinforce economic governance in Europe

On 12 May 2010 the Commission proposed to reinforce decisively the economic governance in the European Union. The aim is to strengthen the functioning of the Stability and Growth Pact and extend surveillance to macro-economic imbalances. The Communication proposes to align national budget and policy planning through the establishment of a "European Semester" for economic policy coordination, so that Member States would benefit from early coordination at European level as they prepare their national budgets and national reform programmes. In the medium-to-long term, the Commission intends to make a proposal for a permanent crisis resolution mechanism.

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