Series: Economic Notes.
Author: Pilar García Perea, Jorge Martínez Pagés, Antonio Millaruelo de Lafuente and Carmen Sánchez Carretero.
Topics: European Union | Economic and Monetary Union | Exchange rates | Government debt | Labour market .
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Abstract
The European Semester is the process during which the European Commission designs and coordinates the Member States’ economic policies. The 2019 cycle began on 21 November 2018 and concluded on 9 July 2019. Overall, the reform drive in the member countries is perceived to have lost significant momentum, particularly in those with macroeconomic imbalances. On the fiscal front, the Stability and Growth Pact rules are a valuable road map ahead of the necessary consolidation of public finances; that said, their effectiveness in the preventive arm is still uncertain. As to structural policies, it would be worth exploring the creation of a national productivity board in those countries without one.