European Semester 2024: next steps in fiscal surveillance
European Semester 2024: next steps in fiscal surveillance
Timeline
30 April
The new economic governance framework enters into force.
19 June
The European Commission publishes the European Semester ‘spring package’, which contains:
- country reports analysing each member state’s economic and social developments and challenges, and assessing the extent to which these are addressed by national policies
- country-specific recommendations (CSRs) that contain tailored guidance on economic, budgetary, employment and structural policies for each member state. The CSRs recommend measures that each country should take to correct any imbalances that have been identified
- under the macroeconomic imbalance procedure, an assessment of the gravity, evolution and policy response to macroeconomic imbalances for those countries which had been subject to an in-depth review in line with the previous alert mechanism report
The Commission publishes a report, in accordance with Article 126(3) of the Treaty on the Functioning of the European Union, which evaluates the compliance of EU member states with the deficit and debt criteria.
21 June
The Commission issues reference trajectories and technical information to guide member states in designing the multi-year expenditure targets that they will include in their medium-term fiscal structural plans.
8 July
The Commission proposes:
- to open excessive deficit procedures for Belgium, France, Hungary, Italy, Malta, Poland and Slovakia
- to keep the excessive deficit procedure open for Romania, which has not taken effective action with regard to the excessive deficit procedure launched in 2019
16 July
The Economic and Financial Affairs Council discusses the Commission proposals on:
- Council decisions to open excessive deficit procedures for seven EU countries
- the Council decision to establish that Romania has not taken effective action to correct its excessive deficit since 2019
The Council:
- agrees on country-specific recommendations
- approves conclusions on the in-depth reviews under the macroeconomic imbalance procedure
26 July
The Council adopts decisions establishing that excessive deficits exist for Belgium, France, Hungary, Italy, Malta, Poland, and Slovakia and a decision establishing that Romania has not taken effective action to correct its deficit.
20 September
Member states submit their medium-term fiscal-structural plans setting out their expenditure paths and their priority reforms and investments for the next 4-7 years. Medium-term fiscal-structural plans will be assessed by the Commission and the Council together with the draft budgetary plans for member states in the euro area. Member states are also expected to take the draft CSRs into account when drafting their plans.
15 October
Member states that are part of the euro area submit their 2025 draft budgetary plans to the Commission and to the Council.
17-18 October
The European Council is invited to discuss the country- specific recommendations.
End of October
The Council adopts the country-specific recommendations.
End of November
The Commission publishes the ‘autumn package’, including:
- an annual sustainable growth survey
- an alert mechanism report
- a proposal for a recommendation for the euro area
- a draft joint employment report
The Commission presents proposals for Council recommendations on member states’ medium-term fiscal-structural plans.
The Commission issues opinions on the euro area countries’ draft budgetary plans for 2025.
The Commission proposes recommendations for Council recommendations to correct excessive deficits in Belgium, France, Hungary, Italy, Malta, Poland, Romania and Slovakia.
9 December
The Eurogroup:
- assesses euro area member states’ draft budgetary plans for 2025 as well as the euro area budgetary situation and prospects, and it issues a statement
- discusses the euro area recommendations (EAR) for 2025, ahead of deciding on the 2025 EAR at its meeting in January 2025
10 December
The Economic and Financial Affairs Council will discuss:
- the 2025 annual sustainable growth survey
- the 2025 alert mechanism report
- the draft recommendation on the economic policy of the euro area.
The Council will advance work on recommendations on the medium-term fiscal structural plans.
The Council will also advance work on recommendations under the excessive deficit procedure.
20 January 2025
The Eurogroup discusses the recommendations on the economic policy of the euro area for 2025.
21 January 2025
The Economic and Financial Affairs Council will approve:
- the recommendations on the economic policy of the euro area for 2025
- conclusions on the 2025 annual sustainable growth survey, the 2025 alert mechanism report and the draft recommendation on the economic policy of the euro area.
The Council will continue to advance work on the Council recommendations on the medium-term fiscal structural plans.