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When:
28/11/2012
Where:
Brussels, Belgium
Topic:
Institutional affairs
Organiser:
European Commission
The news:
On 28 November, the European Commission will present its third Annual Growth Survey (AGS), setting out the overall economic and social priorities for the EU for the coming year. It will also provide Member States with policy guidance on boosting growth and employment in line with the EU's long-term growth strategy, Europe 2020. The AGS kick-starts the European Semester, the EU's calendar for coordinating budgetary and economic policies.
At the same time, the Commission will present its second Alert Mechanism Report (AMR) under the new surveillance system for the prevention and correction of macroeconomic imbalances. The AMR checks Member States' performance against a scoreboard of 11 economic indicators – for example, unit labour costs and house prices - indicating whether further investigation into the existence of imbalances is required. This year, an indicator on financial sector liabilities has been added to the scoreboard.
And for the first time, as part of the Annual Growth Survey package, the Commission will publish a report on Single Market Integration. The report will present an analysis of Single Market integration and look at the main barriers to a better functioning Single Market, particularly in areas with the greatest growth potential, i.e. services, networks and the digital economy.
The background:
The AGS package kicks off the European Semester, which was introduced in 2010 to closer align national budgetary and economic planning. It allows for appropriate EU surveillance to ensure that Member States are moving in the same direction and to prevent policies in one Member State having negative side-effects in another. The Semester begins with the AGS, which is discussed and endorsed at the March European Council. AGS priorities feed in to national fiscal and economic strategies (presented by Member States in April), which together form the basis for the Commission's Country-Specific Recommendations (published in May and endorsed in June by the European Council).
The event:
The reports will be presented at a press conference on 28 November. IPs and MEMOs will be available alongside the original reports on the AGS, AMR and Single Market. The AGS package also includes a macroeconomic report and a joint employment report.
