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The 2019 European Semester and the specific recommendations for Spain

Author

Listed:
  • Pilar García Perea
  • Jorge Martínez Pagés
  • Antonio Millaruelo de Lafuente
  • Carmen Sánchez Carretero

Abstract

The European Semester is the process during which the European Commission designs and coordinates the Member States’ economic policies. The 2019 cycle began on 21 November 2018 and concluded on 9 July 2019. Overall, the reform drive in the member countries is perceived to have lost significant momentum, particularly in those with macroeconomic imbalances. On the fiscal front, the Stability and Growth Pact rules are a valuable road map ahead of the necessary consolidation of public finances; that said, their effectiveness in the preventive arm is still uncertain. As to structural policies, it would be worth exploring the creation of a national productivity board in those countries without one.

Suggested Citation

  • Pilar García Perea & Jorge Martínez Pagés & Antonio Millaruelo de Lafuente & Carmen Sánchez Carretero, 2019. "The 2019 European Semester and the specific recommendations for Spain," Economic Bulletin, Banco de España, issue SEP.
    • Handle: RePEc:bde:journl:y:2019:i:3:d:en:n:7
    Note: Economic Notes
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    More about this item

    Keywords

    European Semester; macroeconomic imbalances; excessive deficit procedure; structural reforms; national productivity board;
    All these keywords.

    JEL classification:

    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F6 - International Economics - - Economic Impacts of Globalization
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • J8 - Labor and Demographic Economics - - Labor Standards
    • K2 - Law and Economics - - Regulation and Business Law
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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