The European Semester

The European Commission recommended on Wednesday that Greece curb the rise of net expenditures in its individual member country recommendations in socioeconomic policy in 2025, in the context of the European Semester.

New EU fiscal rules are set to bring about greater relief for Greece but will also demand increased efforts, according to Hungarian economist Zsolt Darvas. 

September 20 will most likely be the day on which the member-states of the European Union will submit their first four-year budgetary-structural plans, based on the rules of the new Stability Pact.

The European Union's new fiscal rules should ensure both fiscal discipline and economic growth, while considering countries with high defense spending, noted Greek National Economy and Finance Minister Kostis Hatzidakis on Thursday.

Economy and Finance Minister Kostis Hatzidakis is scheduled to travel to Brussels on Wednesday to participate in the Eurogroup and ECOFIN meetings.

Luxembourg – EU employment and social affairs ministers met in Luxembourg on Friday to discuss the future of the European Semester, arguing that future economic measures and reforms should take social dimensions into account in a consistent manner.

The Recommendation on the Excessive Deficit Procedure in the case of Romania was adopted on Friday at the Meeting of the Economic and Financial Affairs Council (ECOFIN), in Luxembourg, and our country's commitment is to return to a budget deficit up to 3% of GDP by 2024, according to a press release from the Ministry of Finance.

The European Council on Friday adopted a recommendation under the excessive deficit procedure for Romania that Romania should put an end to the excessive deficit situation by 2024 at the latest. "The Council found that an extension to the current deadline for Romania to correct its public deficit would be important in order not to compromise the economic recovery after the COVID-19 pandemic.

Ljubljana – The Fiscal Council has warned that the latest legislative stimulus package contains certain provisions that may worsen the structure of public finances, including the proposal for simplified retirement and one-off aid to population groups not directly affected by the coronavirus epidemic.