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REPORT (2023/2063(INI))

On the European Semester for economic policy coordination 2024

A-9-2024-0063

Committee on Economic and Monetary Affairs · Rapporteur: René Repasi

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✦ In short · AI summary of this text, generated 26 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This is a committee report with a motion for a resolution on the European Semester for economic policy coordination 2024. It expresses concern about weak growth, inflation and high debt, and calls for investment, structural reforms and stronger coordination. It asks Member States to wind down crisis-related energy support and fossil fuel subsidies, tackle tax fraud and money laundering, and conduct spending reviews. It calls for focused 2024 country-specific recommendations, better monitoring of their implementation, and closer links to country reports. It welcomes flexibility in the Recovery and Resilience Facility, urges rapid and transparent implementation, and asks that cohesion policy programmes be streamlined with RRF investment needs. It takes note of the provisional political agreement on the reform of the EU economic governance framework and asks for more European Parliament engagement and accountability in the European Semester.

Committee position. The Committee on Economic and Monetary Affairs proposes a resolution expressing concern about weak growth, inflation and high debt, calling for investment, structural reforms, focused country-specific recommendations, flexible and transparent use of the Recovery and Resilience Facility, and stronger European Parliament accountability in the European Semester.

Key points

  1. Expresses concern about weak growth, competitiveness and productivity, and about energy prices and inflation hitting households and companies, including SMEs; calls on Member States to take further steps and targeted measures.
  2. Notes structural challenges in many Member States and says ambitious structural reforms are essential to strengthen the EU's economic base, business creation, competitiveness and growth potential.
  3. Stresses that a lack of public and private investment hinders sustainable growth; says any contractionary fiscal stance should not come at the expense of investment, which should be increased across the Union.
  4. Calls for deepening the single market, removing barriers to investment, streamlining and digitalising administrative procedures, and for industrial policy, integrated capital markets and innovation to support investment and competitiveness.
  5. Invites Member States to conduct spending reviews, concurs with winding down crisis-related energy support and phasing out fossil fuel subsidies, and calls for action against tax fraud, tax avoidance, tax evasion and money laundering.
  6. Concurs that risks related to high debt and price divergences remain relevant, and calls on euro area Member States to explore all means to complete the revision of the European Stability Mechanism Treaty for a common backstop to the Single Resolution Fund.
  7. Recalls that the European Semester coordinates budgetary, economic, social and employment policies, calls for stronger national ownership including through local and regional authorities, and notes the 2023 Green Deal industrial plan is part of the EU's growth strategy.
  8. Says 2024 country-specific recommendations must promote sound and inclusive growth, competitiveness, macroeconomic stability, the green and digital transitions and social and inter-generational fairness; calls for closer links to country reports and efficient monitoring.
  9. Welcomes flexibility in adjusting the RRF, says milestones and targets should be consistent with country-specific recommendations, and calls for rapid, transparent and effective implementation of financed projects.
  10. Notes the RRF's role in the green and digital transitions, says reforms and investments contribute to climate targets and respect the 'do no significant harm' principle, and calls on Member States to use the RRF to transform their economies.
  11. Supports streamlining EU cohesion policy programmes with RRF investment needs and country-specific recommendations, and calls for stakeholder participation in drafting and implementing national recovery and resilience plans.
  12. Takes note of the provisional political agreement of 10 February 2024 on the reform of the EU economic governance framework, and asks for increased European Parliament engagement, equal treatment of Member States and more accountability.

Who is affected

  • Member States, which are asked to take targeted measures, conduct spending reviews, wind down energy support and tackle tax fraud.
  • Euro area Member States, which are called on to explore completing the revision of the European Stability Mechanism Treaty.
  • Households and companies, including SMEs, affected by energy prices and inflation.
  • The Commission, which is asked to link country-specific recommendations more closely to country reports.
  • Social partners, civil society organisations and the business sector, whose participation in national recovery and resilience plans is called for.

Figures and deadlines

  • 0.5 % — estimated economic expansion in both the EU and the euro area in 2023.
  • 0.9 % (from 1.3 %) in the EU and 0.8 % (from 1.2 %) in the euro area — revised expected GDP growth for 2024.
  • 1.7 % in the EU and 1.5 % in the euro area — expected economic expansion in 2025.
  • 14.7 % in the EU and 14.4 % in the euro area — youth unemployment in December 2023.
  • 6.3 % in 2023, 3.0 % in 2024 and 2.5 % in 2025 in the EU; 5.4 % in 2023, 2.7 % in 2024 and 2.2 % in 2025 in the euro area — projected inflation.
  • 83.1 % in the EU in 2023 (90.4 % in the euro area); around 82.7 % in 2024 and 82.5 % in 2025 in the EU; around 89.7 % in 2024 and 89.5 % in 2025 in the euro area — debt-to-GDP ratio.
  • 3.2 % of GDP in 2023, 2.8 % in 2024 and 2.7 % in 2025 — general government deficit in the EU and the euro area.
  • 0.5 % of GDP in both 2023 and 2024 — expected contractionary aggregate fiscal stance.

Legal basis: Articles 121(2) and 136 of the Treaty on the Functioning of the European Union.