European Semester in 2022

On 12 July 2022 the Council adopted conclusions on the 2022 in-depth reviews under the macroeconomic imbalance procedure.

The Council (Ecofin) underlined that the Macroeconomic Imbalance Procedure is a central procedure within the European Semester, calling for continued implementation of the Macroeconomic Imbalance Procedure, including the close monitoring of existing and possible emerging new imbalances, distinguishing between cyclical and structural factors, and of policy progress and needs.

The Council also reiterated that the Macroeconomic Imbalance Procedure should be used to its full potential and in a transparent and consistent way, ensuring Member States’ ownership of the procedure, including the activation of the Excessive Imbalance Procedure where appropriate.

• Macroeconomic imbalance procedure: Council adopts conclusions (press release, 12 July 2022)

Ministers endorsed the 2022 country-specific recommendations, which contain country-specific policy guidance on macroeconomic, fiscal and budgetary reforms, and forwarded them to the European Council for endorsement.

The European Semester is a cycle of economic, fiscal, labour and social policy coordination within the EU. It is part of the European Union’s economic governance framework. 

During the European Semester the member states align their budgetary and economic policies with the rules agreed at EU level.

• General Affairs Council, 21 June 2022

The Council agreed its 2022 recommendations on the member states' economic, employment and fiscal policies.

The European Council is expected to endorse the country-specific recommendations at one of its upcoming meetings.

After that, the Council can proceed with the formal adoptions, which conclude the final stage of the 2022 European Semester process.

• European Semester 2022: country-specific recommendations agreed (press release, 17 June 2022)

During the General Affairs Council, the French presidency presented a synthesis report of the Council’s contribution to the European Semester in 2022, particularly contributions for the ‘autumn package’ published in November 2021 and exchanges held in various Council configurations.

The presidency also presented an updated roadmap that sets out the dates of the most important discussions.

Ministers also agreed to forward the draft recommendation on the economic policy of the euro area to the European Council for approval.

• 2022 synthesis report
• Updated roadmap
• Draft recommendation on the economic policy of the euro area

Ministers held an exchange of views on how the European Semester can better integrate the challenges of an inclusive and fair green transition, while ensuring the achievement of the European objectives in the fight against climate change and the preservation of biodiversity. 

Ministers also exchanged views on the key principles and good practices for taking into account the just transition in economic policies, particularly in terms of analysing the distribution of effects, which should be strengthened in the European Semester. 

• Environment Council, 17 March 2022

Economic and financial affairs ministers adopted conclusions on the 2022 alert mechanism report and the 2022 annual sustainable growth survey, thereby initiating the yearly European Semester process for monitoring member states' economic, fiscal, labour and social policies. Ministers also approved the 2022 recommendation on the economic policy of the euro area, which will be submitted to the European Council for endorsement in March 2022.

• Economic and Financial Affairs Council, 18 January 2022