Press Release: European Semester 2015: College decisions

On 25 February 2015, the European Commission sent a strong signal to Member States to carry out structural reforms and to continue consolidating their public finances.

This follows the approach that the new College of Commissioners outlined in November 2014 and was at the heart of the Annual Growth Survey 2015: a fresh focus on investment, structural reforms, and fiscal responsibility.

As regards fiscal efforts, the Commission recommended that no excessive deficit procedure should be triggered for Belgium, Italy and Finland, even though these countries' efforts were not in line with the debt reference value. This is because the Commission took into account key relevant factors under Article 126(3) of the Treaty on the Functioning of the European Union.

The Commission also recommended that France be given until 2017 to correct its excessive deficit. The recommendation included strict milestones for the fiscal adjustment path that will be assessed regularly, starting in May 2015. This was meant to give France sufficient time to implement ambitious structural reforms.

• Primary Source

ESO: Background information: Annual Growth Survey 2016: Strengthening the recovery and fostering convergence http://www.europeansources.info/record/press-release-annual-growth-survey-2016-strengthening-the-recovery-and-fostering-convergence/

ESO: Background information: France, Italy, Belgium to get extra three months on deficit and debt http://www.europeansources.info/record/eu-still-undecided-on-france-deficit-france-italy-belgium-to-get-extra-three-months-on-deficit-and-debt/

EurActiv, 25.02.15: EU gives France to 2017 to cut deficit, Italy, Belgium in clear http://www.euractiv.com/sections/euro-finance/eu-gives-france-2017-cut-deficit-italy-belgium-clear-312421

EUObserver, 25.02.15: EU gives France until 2017 to fix deficit https://euobserver.com/economic/127799

European Commission: DG Communication: RAPID: SPEECH/15/4510, 25.02.15: Commissioner Moscovici's remarks at the Press Conference on college decisions on 2015 European Semester http://europa.eu/rapid/press-release_SPEECH-15-4510_en.htm

European Commission: DG Communication: RAPID: STATEMENT/15/4509, 25.02.15: Statement by Vice-President Dombrovskis at European Semester 2015 press conference http://europa.eu/rapid/press-release_STATEMENT-15-4509_en.htm

Neue Zürcher Zeitung, 26.02.15: Leniency with deficit sinners a farce (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/aehnliche/archiv_article/ARTICLE159029-Leniency-with-deficit-sinners-a-farce

European Commission: DG Communication: RAPID: MEMO/15/4511, 26.02.15: European Semester 2015: country-specific updates http://europa.eu/rapid/press-release_MEMO-15-4511_en.htm

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