| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2014) 406 final (02.06.14) |
| Publication Date | 02/06/2014 |
| Content Type | Policy-making |
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On 9 July 2013, the Council adopted a recommendation on Germany’s national reform programme for 2013 and delivered its opinion on Germany’s updated stability programme for 2012-2017. On 15 November 2013, in line with Regulation (EU) No 473/2013, the Commission presented its opinion on Germany's draft budgetary plan for 2014. On 13 November 2013, the Commission adopted the Annual Growth Survey, marking the start of the 2014 European Semester of economic policy coordination. On the same day on the basis of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism Report, in which it identified Germany as one of the Member States for which an in-depth review would be carried out. On 5 March 2014, the Commission published the results of its in-depth review for Germany, under Article 5 of Regulation (EU) No 1176/2011. The Commission's analysis leads it to conclude that Germany is experiencing macroeconomic imbalances, which require monitoring and policy action. In particular, the current account has persistently recorded a very high surplus, which reflects the positive effects of strong competitiveness, with a large amount of savings being invested abroad. It is also a sign that domestic growth has remained subdued and economic resources may not have been allocated efficiently. Although the current account surpluses do not raise risks similar to large deficits, the size and persistence of the current account surplus in Germany deserve close attention. The need for action to reduce the risk of adverse effects on the functioning of the domestic economy and the euro area is particularly important given the size of the German economy. On 14 April 2014, Germany submitted its 2014 national reform programme and on 8 April 2014 its 2014 stability programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2014:406:FIN |
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| Countries / Regions | Europe, Germany |
