How does the European Semester work?
The annual European Semester cycle starts with the publication of the European Commission Annual Growth Survey (AGS).
Various Council formations discuss it and adopt conclusions. On the basis of this, the European Council adopts, in the early spring, strategic advice and orientations for Member States. Preferably by mid-April, but not later than the end of April, Member States submit:
- stability and convergence programmes
- national reform programmes
Thereafter, the European Commission evaluates the stability and convergence programmes and the national reform programmes and prepares a country-by-country analysis. By late spring the results of this analysis are debated and endorsed by the European Council. In the early summer they are formally adopted by the Economic and Financial Affairs Council (ECOFIN).
The main purpose of the European Semester is that Member States should take into account country specific recommendations when preparing the budgets for the following year.
The year after the conclusion of a semester cycle, the European Commission provides an assessment of how well the previous year's recommendations were implemented and provides new country specific recommendations.
The European Semester timeline: who does what and when?
| 1st phase |
Early spring |
2nd phase |
Late spring |
|
European Commission issues Annual Growth Survey (AGS).
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Various Council formations study the AGS and draw conclusions.
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European Council, on the basis of the AGS and Council input, adopts strategic advice and orientations.
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Member states produce their National Reform Programmes (NRP) and Stability and Convergence programmes (SCP).
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The European Commission evaluates the NRPs and the SCPs and prepares "country-specific recommendations".
|
The European Council debates and endorses the "country-specific recommendations" and the Council formally adopts them.
|
Source: European Commission