Skip to content
DRAFT OPINION (2023/2063(INI))

On the european Semester for economic policy coordination 2024

BUDG-PA-756095

Committee on Budgets · Rapporteur: Margarida Marques

Official HTML ↗ PDF DOCX
✦ In shortFull text
✦ In short · AI summary of this text, generated 7 Oct 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.

The Committee on Budgets gives its suggestions to the Committee on Economic and Monetary Affairs for its motion for a resolution on the 2024 European Semester. It notes the expected 1.3 % GDP growth and risks, and asks for a reformed economic governance framework with fiscal space for strategic investment. It stresses the success of the Recovery and Resilience Facility and REPowerEU, and wants investments in line with European objectives treated favourably when excessive debt is calculated. It calls for new own resources and supports a Commission proposal for a European Recovery Instrument instrument outside the multiannual financial framework ceilings to cover excess interest costs, and wants Parliament's role strengthened.

Committee position. The Committee on Budgets proposes that the Committee on Economic and Monetary Affairs incorporate its suggestions into its motion for a resolution, notably on the economic governance reform, the Recovery and Resilience Facility, new own resources and a European Recovery Instrument instrument outside the multiannual financial framework ceilings.

Key points

  1. The Committee on Budgets asks the Committee on Economic and Monetary Affairs to include its suggestions in its motion for a resolution.
  2. It notes the Union economy is expected to recover in 2024 with forecast growth of 1.3 % of GDP and a generally robust labour market.
  3. It points to risks and uncertainties that strain European businesses, public finance and people, affecting some Member States more than others.
  4. It takes note of the proposed reform of the Union's economic governance framework and says the new framework should ensure clear and flexible implementation.
  5. It says the new framework should provide adequate fiscal space for Member States to invest in the EU's strategic priorities.
  6. It recalls its position that an EU-level permanent crisis instrument will help ensure a sufficiently high level of strategic investment and an appropriate fiscal stance at the aggregate level.
  7. It stresses the success of the Recovery and Resilience Facility in supporting the recovery of EU economies and its positive impact on country-specific recommendations and investments in EU priorities.
  8. It welcomes that most Member States have submitted revised national plans, including REPowerEU chapters.
  9. It stresses that investments in line with European objectives, notably those of the Recovery and Resilience Facility and REPowerEU, should be treated favourably for the calculation of excessive debt.
  10. It recalls that the substantial increase in interest rates has driven up borrowing costs for the European Recovery Instrument and reiterates its call for progress on new own resources.
  11. It strongly supports the Commission proposal for a European Recovery Instrument instrument outside the ceilings of the multiannual financial framework to cover the excess costs for interest payments.
  12. It calls for Parliament's role in the reform of the economic governance framework and the European Semester to be strengthened.

Who is affected

  • Member States, which would gain fiscal space to invest in EU strategic priorities and benefit from favourable treatment of certain investments in excessive debt calculations.
  • European businesses and people, who face risks and uncertainties that strain them.
  • The Commission, which is asked to progress on new own resources and whose proposal for a European Recovery Instrument instrument is supported.
  • Parliament, whose role in the economic governance framework reform and the European Semester should be strengthened.

Figures and deadlines

  • 1.3 % of GDP — forecast growth of the Union economy in 2024.