The European Semester provides a framework for the coordination of economic policies across the European Union. It allows EU countries to discuss their economic and budget plans and monitor progress at specific times throughout the year.
The autumn package kicks off the European Semester cycle. In the Annual Growth Survey, the Commission sets out general economic priorities for the EU and provides EU countries with policy guidance for the following year. The Commission also provides specific policy recommendations to euro area Member States based on the overall economic situation and common priorities.
Moreover, the Commission assesses draft budgetary plans to ensure that euro area countries respect the EU’s economic and fiscal governance rules and coordinate their economic policy. In the Alert mechanism report, it also identifies countries for which it should undertake in-depth reviews to assess whether they that may experience imbalances which could prove harmful to the economy if not corrected.