European Semester in 2023

The Council exchanged views on the lessons learnt regarding the European Semester process. This is a regular stocktaking exercise aimed at improving the way in which the process is carried out. Ministers discussed the implementation of the 2023 exercise and gave political guidance for next year’s exercise.

• Economic and Financial Affairs Council, 9 November 2023

The Council adopted conclusions on the 2023 in-depth reviews under the macroeconomic imbalance procedure.

In these conclusions, the Council recalls that the EU economy continues to show resilience despite a challenging environment and acknowledges the robust post-pandemic recovery. It stresses the importance of a full, timely and effective implementation of the Recovery and Resilience Facility via the reforms and investments scheduled in the national recovery and resilience plans. The Council also highlights the importance of continued close EU economic policy coordination, and of detecting, preventing and correcting macroeconomic imbalances.

• Macroeconomic imbalance procedure: Council adopts conclusions (press release, 14 July 2023)

At their meeting in June, EU leaders held a discussion on the country-specific recommendations as discussed by the Council, thus allowing for the conclusion of the 2023 European Semester.

• European Council, 29-30 June 2023

EU ministers in the General Affairs Council approved integrated country-specific recommendations, which provide EU member states with yearly guidance on national reforms.

These recommendations have now been to EU leaders for endorsement at the European Council meeting on 29-30 June. The recommendations are expected to be formally adopted by the Council in July, thereby bringing the 2023 European Semester to an end.

• General Affairs Council, 27 June 2023

The Council agreed on its country-specific recommendations on the member states’ national reform programmes for 2023 and its opinions on their updated stability or convergence programmes. 

The European Council is expected to endorse the country-specific recommendations at its meeting on 29-30 June 2023.

After that, the Council will be able to proceed with the formal adoptions, which will conclude the final stage of the 2023 European Semester process.

I am very pleased that we agreed on country-specific recommendations today. This will further our overall objective to increase growth and strengthen our resilience. Given Russia’s war in Ukraine and the difficult economic situation, securing the resilience of our economies and pursuing responsible fiscal policies is fundamental.

Elisabeth Svantesson, Minister for Finance of Sweden and President of the Council

• European Semester 2023: country-specific recommendations agreed (press release, 16 June 2023)

The Council adopted its recommendation on the economic policy of the euro area. The Council had already approved the text on 17 January 2023 subject to the legal linguistic revision, and the European Council had endorsed it at its meeting of 23–24 March 2023.

• Council recommendation on the economic policy of the euro area

At the European Council meeting, EU leaders endorsed the draft Council recommendation on the economic policy of the euro area.

They also endorsed the policy priorities of the annual sustainable growth survey and invited member states to reflect them in their national reform programmes and stability or convergence programmes.

• European Council, 23 March 2023

The Council initiated the annual European Semester process for the monitoring of the member states’ economic, employment and fiscal policies.

Economic and financial affairs ministers adopted conclusions on the 2023 alert mechanism report, as well as conclusions on the 2023 annual sustainable growth survey. They also approved the 2023 recommendation on the economic policy of the euro area. The latter will be submitted to the European Council for endorsement in March 2023.

• Economic and Financial Affairs Council, 17 January 2023