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In light of the upcoming European Council and Euro Summit in December, the Commission presents actions to strengthen the role of the euro in a changing world.
The Council endorsed the political agreement reached with the European Parliament on a package of risk reduction measures in the banking sector and adopted an action plan to better tackle money laundering and terrorist financing.
Ahead of the European Council meeting on 13 and 14 December 2018, the Commission is taking stock of the encouraging progress made so far in the negotiations of the EU's next long-term budget and urging Leaders to keep up the momentum.
The Commission takes stock of the latest developments as regards risk reduction in the banking sector and progress towards an even more integrated and stable EU financial system.
In a Communication published today, the Commission reveals how the Investment Plan for Europe – the Juncker Plan – has helped bring investment back to a sustainable level in Europe, four years after its launch.
Commission sets out EU's economic and social priorities for 2019, presents Opinions on Draft Budgetary Plans and confirms the existence of particularly serious non-compliance with the Stability and Growth Pact in the case of Italy; Greece is integrated into the European Semester for the first time.
Growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020. The same pattern is expected for the EU27, with growth forecast at 2.2% in 2018, 2.0% in 2019 and 1.9% in 2020.
Ministers discussed the state of play of negotiations on the digital services tax, adopted conclusions on climate finance and discussed the implementation of the 2017 EU budget.
The European Commission has identified in the draft budgetary plan submitted by Italy for 2019 a particularly serious non-compliance with the fiscal recommendation addressed to Italy by the Council on 13 July 2018.
The Commission presented its proposal to strengthen the role of the European Banking Authority (EBA) in supervising EU financial institutions, so as to better address money laundering and terrorist financing threats.
Greece has successfully concluded a three year European Stability Mechanism (ESM) stability support programme with its place at the heart of the euro area and European Union secured.
The European Fund for Strategic Investments (EFSI) has mobilised €335 billion in additional investment across the EU since July 2015. The Juncker Plan has made a clear impact on the EU economy and revolutionised the way innovation is financed in Europe.
The Council issued its 2018 recommendations and opinions to member states' on their economic, employment and fiscal policies, thereby concluding this year's European Semester exercise.
Growth is set to remain strong in 2018 and 2019, at 2.1% this year and 2% next year in both the EU and the euro area. However, after five consecutive quarters of vigorous expansion, the economic momentum moderated in the first half of 2018 and is now set to be 0.2 percentage points lower in both the EU and the euro area than had been projected in the spring.
The Commission has adopted a decision to activate the enhanced surveillance framework for Greece to support the implementation of agreed reforms following the successful conclusion of the European Stability Mechanism (ESM) stability support programme.
Next year’s EU budget should focus on young people, say MEPs in a resolution. Other priorities are growth, security, fighting climate change and migration.