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European Semester for economic policy coordination 2025

TA-10-2025-0031 · P10_TA(2025)0031 · PE766.678

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This resolution on the European Semester for economic policy coordination 2025 notes the EU's resilience and the need for sustainable growth, competitiveness, and investment in common priorities. It calls for effective implementation of the revised economic governance framework, timely submission of national plans, and equal treatment of Member States. It urges fiscal policies that restore stability while supporting investment, and calls for discussions on addressing the investment gap and providing European public goods. It advocates more efficient implementation of country-specific recommendations and greater transparency in their preparation.

Key points

  1. Notes the EU's resilience and the need for sustainable, inclusive, and competitive growth, balancing fiscal policies, reforms, and investments.
  2. Highlights the importance of public and private investments for innovation, green and digital transitions, and energy independence, and calls for climate adaptation investments.
  3. Calls on the Commission to propose initiatives to boost competitiveness, productivity, and innovation, and to clarify how the new competitiveness tool interacts with the Semester.
  4. Welcomes recommendations to improve quality of public finances and reduce tax avoidance, and invites Member States to shift tax burden from income to less distortive bases.
  5. Expresses concern over moderate GDP growth and high public debt, and stresses the need for fiscal buffers and sustainable fiscal policies.
  6. Notes that in-depth reviews will be prepared for countries with imbalances, and highlights housing as a macroeconomic imbalance risk.
  7. Calls for transparent and predictable debt sustainability analysis, and for equal treatment of Member States in applying fiscal rules.
  8. Urges Member States to submit national medium-term fiscal-structural and budgetary plans on time, and stresses the need for consultations with stakeholders.
  9. Calls on the Commission to ensure that fiscal adjustments meet requirements and to prevent procyclical policies, and to evaluate ex post the impact of reforms and investments.
  10. Calls for fiscal policies that restore stability while supporting innovation and growth, and for exploring a mechanism to ensure an appropriate fiscal stance for the EU.
  11. Calls for discussions on addressing the investment gap and providing European public goods, and for robust controls on EU funding.
  12. Calls for more efficient implementation of country-specific recommendations and for linking them more closely to country reports.

Who is affected

  • EU Member States, particularly those with excessive deficits or imbalances, must submit plans and implement reforms.
  • The Commission is called on to ensure transparent implementation and to propose initiatives for competitiveness.
  • Independent fiscal institutions and national parliaments are encouraged to be involved in fiscal planning.

Figures and deadlines

  • EU GDP growth expected at 0.9% in 2024, 1.5% in 2025, and 1.8% in 2026.
  • Public debt ratio projected to increase to 83.0% in the EU and 89.6% in the euro area in 2025.
  • General government deficit expected to decline to 3.1% in the EU and 3% in the euro area in 2024.
  • Inflation projected to fall from 2.6% in 2024 to 2.4% in 2025 and 2% in 2026 in the EU.
  • Share of 'fully implemented' CSRs dropped from 18.1% (2011-2018) to 13.9% (2019-2023).

Legal basis: Articles 121, 126 and 136 of the Treaty on the Functioning of the European Union