European Semester in 2018

This page contains a timeline of events and documents relating to the European Semester in 2018, in reverse chronological order.

In the light of lessons learned from 2018 exercise, finance ministers discussed the European Semester policy monitoring process at their meeting on 2 October 2018. 

Ministers discussed how to improve the process and the outcome of the European Semester. More specifically:

• how to improve the degree of implementation of country-specific recommendations
• how to foster multilateral discussions, in the framework of Council preparatory bodies, to develop a common understanding on the country specific recommendations proposals.

The Economic and Financial Affairs Council formally adopted the country-specific recommendations for 2018 at its meeting on 13 July 2018. This was the final stage of the 2018 European Semester. 

The overall objective of this year's recommendations is to encourage member states to use the current favourable economic momentum to further strengthen the resilience of their economies.

In their conclusions, EU leaders endorsed the country-specific recommendations as discussed by the Council, thus allowing the conclusion of the 2018 European Semester. They stressed that "the current good economic situation should be used for strengthening the reform momentum."

• European Council conclusions, 28 June 2018

On 22 June 2018, the Council approved draft recommendations and opinions on the member states' economic and fiscal policies for 2018.

• Economic and fiscal policies: Country-specific recommendations approved (press release, 22/6/2018)

The European Commission published the proposals for draft Council recommendations for each EU member state for 2018. 

After the proposed recommendations have been discussed and adopted by the Council, the member states will be expected to reflect them in their national policies in the next 12 months. 

• 2018 European Semester: draft country-specific recommendations

The Council adopted conclusions on the results of the in-depth-reviews of macroeconomic imbalances. The conclusions also contain a review of the implementation of the country-specific recommendations from 2017.

• Economic governance: Conclusions on macroeconomic imbalances (press release, 25/5/2018)

EU leaders endorsed the policy priority areas of the Annual Growth Survey and invited member states to reflect them in their forthcoming National Reform Programmes and Stability or Convergence Programmes. They also endorsed the draft Council recommendation on the economic policy of the euro area. 

• European Council conclusions, 22 March 2018

Ministers held an exchange of views on country reports and in-depth reviews under the European Semester. The country reports examine the economic situation in 27 member states. The in-depth reviews assess 12 member states under the EU's macroeconomic imbalances procedure.

• 2018 country reports and In-depth reviews

The Competitiveness Council discussed the digitalisation of the EU economy in the context of the European semester cycle.

Ministers highlighted a number of priorities in the area of structural reform which are needed at both European and national level in order to reap the full benefits of digital transformation.

• Competitiveness Council, 12/03/2018

The Economic and Financial Affairs Council adopted conclusions on macroeconomic and fiscal guidance to the member states and on the 2018 alert mechanism report. 

It also issued a recommendation on the economic policy of the euro area.

• Council conclusions on macroeconomic and fiscal guidance to the member states (press release)
• Council conclusions on the 2018 alert mechanism report (press release)
• Council recommendation on the economic policy of the euro area (press release)

The European Commission published the 'Autumn package' of documents concerning the European Semester in 2018. The package is based on the Commissions's Autumn 2017 Economic Forecast and builds on the priorities of the Commission President's State of the Union address.

Annual growth survey for 2018

The survey outlines the economic and social priorities on which the EU as a whole and its member states need to focus in 2018.

It calls on member states to boost investment and to increase productivity and long-term growth. The Commission also recommends further structural reforms to make the EU's economy more stable, inclusive, productive and resilient.

• Annual Growth Survey 2018

Draft joint employment report

This year's draft Joint Employment Report uses the 'Social Scoreboard', assessing the performance of member states on the basis of 14 headline indicators. It also takes into account the national policy reforms vis-à-vis the ambitions set by the European Pillar of Social Rights. 

The unemployment rate in the EU continues to fall and stood at 7.5% (8.9% in the euro area) in September 2017 - the lowest level since 2008. 

• Joint employment report accompanying the annual growth survey 2018

Alert mechanism report 2018

The alert mechanism report starts the annual macroeconomic imbalances procedure. Its aim is to identify and, if needed, address imbalances that may impede the proper functioning of the EU's economy.

In 2018, the European Commission intends to carry out in-depth reviews in 12 member states: Bulgaria, Croatia, Cyprus, France, Germany, Ireland, Italy, the Netherlands, Portugal, Slovenia, Spain and Sweden. 

• Alert Mechanism Report 2018

Draft euro area recommendation for 2018

The Commission recommends a broadly neutral fiscal stance and a balanced policy mix for the euro area as a whole to contribute to support investment and improve the quality of public finances. Member states are also asked to step up their efforts to implement measures to fight aggressive tax planning. 

The recommendation also calls for policies that support sustainable and inclusive growth, and improve resilience, rebalancing and convergence. The Commission calls on member states to achieve significant progress towards completing the Single Market, particularly in services. It recommends continued work to complete the banking union and swift progress on completing the Economic and Monetary Union. 

• Draft Council recommendation for the economic policy of the euro area for 2018