Europe has prepared a comprehensive plan to react to the crisis and accelerate Europe’s economic growth. Currently, efforts have to be made in a coordinated manner with the main focus on priorities, indicates the President of the European Commission José Manuel Barroso.
The Annual Growth Survey clearly indicates the direction in which Europe must work next year, implementing ten emergency actions that mainly focus on the macroeconomic stability and fiscal consolidation, structural reforms and the growth promoting measures, the business news portal BNN was informed by the European Commission office in Latvia.
The Annual Growth Survey starts the first «Europe’s half-year» that changes the way governments draft their national economic and fiscal policy. When the European Council has approved it, the member states will take into account these recommendations when formulating their policy direction and state budget. Thus, for the first time in the history the member countries and the Commission will jointly discuss the macroeconomic stability, structural reforms and growth promotion measures in a comprehensive manner.
The Annual Growth Survey initiates a new phase in the Europe’s integration. We are trying to find different solutions and decisively improve the manner in which we govern and coordinate our mutually dependent economies in the European Union (EU). It is the EU model. In this way we carry out the economic management. The Annual Growth Survey is a consistent and extensive plan for Europe to recover the growth and achieve a higher level of employment. If it is fully implemented, I am convinced that Europe will manage to recover a strong economic growth level and provide more jobs, emphasizes Barroso.
In the main announcement, the Commission focuses to an integrated approach regarding the recovery, including three main areas: the necessity of strict fiscal consolidation to improve the macroeconomic stability, structural reforms for the employment increase, as well as the growth promoting measures.
The three main areas comprise: the implementation of strict fiscal consolidation, macroeconomic imbalance prevention, financial sector stability securement, as well as the labour market mobilization, job creation, joint market growth potential utilization, private capital attraction to the growth financing and the creation of cost-effective energy access.