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The 2020 European Semester and the specific recommendations for Spain

Author

Listed:
  • Pilar García Perea
  • Antonio Millaruelo
  • Víctor María Mora Bajén
  • María del Carmen Sánchez Carretero

Abstract

The 2020 European Semester has adapted to coordinate Member States’ economic policy and to provide an immediate fiscal, economic and social response to the crisis arising from the pandemic. The priority has been to reinforce health systems and support households and businesses, which has required activating the general escape clause from the Stability and Growth Pact and reorienting the recommendations for all Member States. Within the framework of the EU budget and in coordination with the European Semester, on 21 July the European Council created a new instrument – Next Generation EU – that is intended to help fund the recovery of the economies of the Member States in the wake of the pandemic. In October, Member States will have to present reform plans and investment projects, to be incorporated into their national budgets for next year, in keeping with the recommendations for 2020 that are designed to address the challenges deriving from climate change, digitalisation, building up human capital and public sector efficiency.

Suggested Citation

  • Pilar García Perea & Antonio Millaruelo & Víctor María Mora Bajén & María del Carmen Sánchez Carretero, 2020. "The 2020 European Semester and the specific recommendations for Spain," Economic Bulletin, Banco de España, issue 3/2020.
    • Handle: RePEc:bde:journl:y:2020:i:09:d:en:n:6
    Note: Economic Notes
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    More about this item

    Keywords

    European Semester; macroeconomic imbalances; country-specific recommendations; structural reforms; National Reform Programme; ecological transition;
    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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