Thursday, 1 July 2010

EU Commission proposes stronger economic governance

The discussion about economic governance in the European Union and the eurozone has been enriched by new proposals.

On 12 May 2010 the European Commission published a communication Reinforcing economic policy coordination; COM(2010) 250 final (12 pages).

A short while ago, the European Central Bank published its proposals on reinforcing economic governance in the Euro Area (14 pages), addressed to the task force chaired by Herman Van Rompuy.

Commission proposal main points

Yesterday, 30 June 2010, Olli Rehn, the commissioner for economic and monetary policy, explained the European Commission’s new proposals on tools for enhanced EU economic governance (SPEECH/10/350).

The key tool to improved surveillance is the European Semester: prior coordination of economic policies. Rehn hopes that the Ecofin Council on 13 July 2010 endorses the launch of the European Semester from 2011 and a revision of the Code of Conduct for the Stability and Growth Pact (SGP).

In a press release, the Commission presented the key proposals for reinforced macro-economic, budgetary and structural surveillance (IP/10/859).

In a clear manner, an explanatory memorandum offered further detail about the proposed toolbox for stronger economic governance in Europe (MEMO/10/288).

Commission communication

During the course of writing this blog post, the Commission’s Directorate-General for Economic and Financial Affairs managed to replace its machine translated web page on enhancing economic policy coordination for growth and jobs with a page in real English.

The same thing happened with the Commission communication. The unreadable machine translation was replaced by a document revised by human beings, even if the text may still be somewhat provisional:

Enhancing economic policy coordination for stability, growth and jobs – Tools for stronger EU economic governance; Brussels, [??] COM(2010) 367/2 (15 pages)

The communication COM(2010) 367 has not yet been posted on the legal portal Eur-Lex, under preparatory documents.

Ralf Grahn