November 28
2021
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Trajan Shipley
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19th October 2021
Banking & Finance Institutional law

Commission adopts communication on review of EU economic governance

The College of Commissioners of the European Commission has adopted today a communication that seeks to relaunch the review of the EU’s economic governance in the context of the changed circumstances in the aftermath of the COVID-19 crisis.

According to the Commission’s press release, this relaunched debate will draw on both the Commission’s view of the effectiveness of the economic surveillance framework presented in February 2020 and the lessons learnt from the COVID-19 crisis described in today’s Communication. The debate will take place in the form of a consultation which will be open until 31 December 2021, and is available here.

The Commission also outlined that it will provide guidance for fiscal policy in the first quarter of 2022 to facilitate the coordination of fiscal policies and the preparation of Member States’ Stability and Convergence Programmes. It further expects to provide guidance on possible changes to the economic governance framework based on a broad consensus among relevant stakeholders ‘well in time for 2023’.

The Communication is available here. Read the Commission’s press release here.

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