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The 2022 European Semester and the Recovery and Resilience Facility

Author

Listed:
  • Daniel Alonso

    (Banco de España)

  • María de los Llanos Matea

    (Banco de España)

Abstract

Rationale As a result of the pandemic and with the aim of adapting to a constantly changing environment, the European Semester has been immersed in an important restructuring process since 2020. The launch of the Recovery and Resilience Facility (RRF), a central element of the Next Generation EU (NGEU) temporary instrument, has made it necessary to adapt the European Semester to avoid overlaps and eliminate unnecessary administrative burdens. Takeaways • For the 2022 cycle, the European Semester preserves its main purpose of broad economic and employment policy coordination, while taking into account the implementation requirements of the RRF. • One of the key developments this year is the reintroduction of country reports and country-specific recommendations. A new recommendation included aims to reduce dependence on fossil fuels, in line with the REPowerEU objectives. • In the case of Spain, the recommendations are to: (i) ensure a prudent fiscal policy, (ii) continue implementing the Recovery, Transformation and Resilience Plan, (iii) increase recycling rates, and (iv) reduce dependence on fossil fuels.

Suggested Citation

  • Daniel Alonso & María de los Llanos Matea, 2023. "The 2022 European Semester and the Recovery and Resilience Facility," Economic Bulletin, Banco de España, issue 2023/Q1.
    • Handle: RePEc:bde:journl:y:2023:i:01:n:04
    DOI: https://doi.org/10.53479/29463
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    References listed on IDEAS

    as
    1. Balázs Égert & Peter Gal, 2017. "The quantification of structural reforms in OECD countries: A new framework," OECD Journal: Economic Studies, OECD Publishing, vol. 2016(1), pages 91-108.
    2. Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "The reform of the european Union’s fiscal governance Framework in a new Macroeconomic environment," Occasional Papers 2121, Banco de España.
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    More about this item

    Keywords

    European Semester; Next Generation EU; Recovery and Resilience Facility; Recovery; Transformation and Resilience Plan; macroeconomic imbalances; general escape clause;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F6 - International Economics - - Economic Impacts of Globalization
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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