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The 2023 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 Since 2020, the European Semester has been immersed in a large-scale restructuring process, to adapt to an environment in constant change. At the same time, it has continued to adapt to the implementation of the Recovery and Resilience Facility. Moreover, in 2024, coinciding with the deactivation of the general escape clause of the Stability and Growth Pact, a new fiscal governance framework will have to be adopted, which will continue to be integrated in the European Semester. Takeaways •The main new feature in the current cycle is the European Commission’s legislative proposal for reform of the European Union’s fiscal rules, which should pave the way for the adoption of a new fiscal governance framework integrated in the European Semester. •To facilitate the transition towards the future fiscal rules and to take into account the present challenges, some elements of the proposal have been incorporated into the current fiscal surveillance cycle, via country-specific recommendations. •The recommendations for Spain for 2024 include a quantitative requirement that limits nationally financed nominal primary expenditure to 2.6%, as well as qualitative guidance on investment and energy measures.

Suggested Citation

  • Daniel Alonso & María de los Llanos Matea, 2023. "The 2023 European Semester and the Recovery and Resilience Facility," Economic Bulletin, Banco de España, issue 2023/Q3.
    • Handle: RePEc:bde:journl:y:2023:i:03:n:13
    DOI: https://doi.org/10.53479/33570
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    More about this item

    Keywords

    European Semester; NextGenerationEU; Recovery and Resilience Facility; Recovery; Transformation and Resilience Plan; macroeconomic imbalances; general escape clause; fiscal governance framework;
    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
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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