EU begins new era of economic governance
2011-01-13 17:14:25
The European Union (EU) began a new era of economic governance Wednesday by setting out budget and economic growth priorities for its 27 member states.
"Europe has a comprehensive plan to respond to the crisis and to speed up Europe's economic growth. It now needs to focus its efforts in a coordinated manner and with an eye on priorities," the European Commission said in a statement.
In its first annual growth survey, the European Commission identified the key challenges faced by the EU and suggested 10 "pressing actions" concerning macro-economic stability and fiscal consolidation, structural reforms and growth-enhancing measures.
"We are setting out to break new ground and to decisively improve the way in which we manage and coordinate our interdependent economies in the European Union," European Commission President Jose Manuel Barroso said.
"This is our economic governance in action," he said.
The report marks the start of the "European semester," which was agreed upon last year by EU leaders as a measure to coordinate the economic and budgetary policy of the bloc.
The measures suggested by the Commission will be discussed by EU leaders at their spring summit. Once endorsed, the leaders need to consider them in setting their national budgets for 2012.