Recommendation for a Council Recommendation on the economic policy of the euro area

Summary:

Proposal for the draft recommendation on the economic policy of euro area for 2020, published by the European Commission in December 2019.

Further information:

The proposed Recommendation calls on Eurozone Member States to take measures to achieve inclusive and sustainable growth, as well as to boost competitiveness. It also calls for differentiated fiscal policies as well as their further coordination in the framework of the Eurogroup in case of a worsening outlook.  The recommendation also calls for more progress in deepening the Economic and Monetary Union (EMU), notably through the completion of Banking Union and Capital Market Union, which would in turn help to strengthen the international role of the euro.

This proposal was put forward on 17 December 2019, as part of the Autumn package of the European Semester cycle. The Eurogroup held a discussion on this draft recommendation on 20 January 2020. The Council of the European Union approved the Recommendation on 18 February.

Official

EUR-Lex: SWD(2019)631: Analysis of the Euro Area economy Accompanying the document Recommendation for a Council Recommendation on the economic policy of the Euro Area https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2019:631:FIN

Council of the European Union: Press Release, 18/02/2020: European Semester 2020: Council recommendation on the economic policy of the euro area https://www.consilium.europa.eu/en/press/press-releases/2020/02/18/council-approves-its-recommendation-on-the-economic-policy-of-the-euro-area-for-2020/

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News

The Irish Times, 18/02/2020: Germany drops opposition to fiscal boost in event of downturns https://www.irishtimes.com/business/economy/germany-drops-opposition-to-fiscal-boost-in-event-of-downturns-1.4177508

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