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Annual Growth Survey 2013

Annual Growth Survey 2013

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Annual Growth Survey 2013

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  1. Annual Growth Survey 2013

  2. What is the AGS? • A communication, which sets out the economic and social priorities for the EU in 2013 • Launches the next European Semester • Provides guidance to Member States, which they can use to prepare their national reform programmes • Includes two annexes, which give more detail on the macroeconomic context and the employment situation in the EU • Accompanied by the separate publication of the Alert Mechanism Report and Single Market Report

  3. Budgetary developments in the Euro area Source: Commission Services The AGS in context • Economic situation has continued to deteriorate in 2012 and the social consequences are being severely felt • Unemployment is reaching new heights and the risks of poverty and social exclusion are rising • The short-term challenge is to restore the confidence in EU economies and financial markets, whilst also carrying out structural reforms for the medium-term • Some important action has already been taken, but it will be crucial to maintain the pace of reforms, recognising the specific needs of each Member State Employment rate and unemployment growth in EU Source: Commission Services

  4. The AGS priorities • Pursuing differentiated, growth-friendly fiscal consolidation • Restoring normal lending to the economy • Promoting growth and competitiveness for today and tomorrow • Tackling unemployment and the social consequences of the crisis • Modernising public administration The Commission therefore considers that the EU should focus on the same priorities as in last year's AGS: Efforts should be concentrated on implementation

  5. Differentiated, growth-friendly fiscal consolidation • Public finances must be brought back on track to restore their sustainability • The pace and composition of fiscal consolidation will be different for each Member State • Negative impacts on growth in the short-term can be mitigated by appropriate measures in expenditure and revenue of public budgets • Spending on areas of future growth potential and essential social needs should be prioritised • Taxation should be shifted away from labour and towards areas that are less detrimental to growth

  6. Restoring normal lending to the economy • Work must continue on restoring the stability of the financial sector and improving financing conditions for the economy • At the EU level progress must be made with an integrated supervisory mechanism and legal framework for financial institutions • Member States also have important roles to play in improving access to finance, including through promoting alternative sources of finance

  7. Promoting growth and competitiveness • Structural reforms must be reinforced to promote growth and competitiveness • Important measures have been taken but more can still be achieved, for example by: • - increasing investment in research and innovation • - improving the business environment • - raising educational standards • - tapping the potential of the green economy • - completing the single market, particularly in services • - improving and liberalising network industries • A lot can be learned from best practice in Member States and third countries

  8. Unemployment and social consequences of the crisis • An urgent response is needed, including through: • - Improving employability by stepping up active labour market policies, e.g. skills upgrading, job-seeking assistance, support for entrepreneurship and mobility • - Simplifying employment legislation • - Developing flexible working arrangements • - Ensuring wage developments support job creation • - Improving connection between education, life-long learning systems and labour market needs • Particular attention should be paid to the situation of young people • Essential safety nets should be reinforced to prevent poverty and promote social inclusion

  9. Modernising public administration • Implementation of all measures depends on effective public administrations • Progress is being made but more could be done to improve public procurement, the digitalisation of public administration, the quality and independence of judicial systems and the deployment of EU structural funds • Government effectiveness (2010) Source: World Bank — Worldwide Governance Indicators

  10. Next steps January February March April May June July Proposals for country-specific recommendations Annual Growth Survey and other reports European Commission Debate & orientations Discussion in Council formations Council of Ministers Autumn: Monitoring and peer review at European level Debate & orientations European Parliament Endorsement of country-specific recommendations Spring EU summit: overall guidance on EU priorities European Council Adoption of National Reform Programmes (NRPs) & Stability and Convergence Programmes (SCPs) Autumn: Implementation at national level Member States

  11. Thank you • For further information contact: • Unit D1- Europe 2020, Competitiveness and Innovation • Secretariat General