The European Council met on 14-15 March to discuss the strategy for coherent and consolidated economic policies of the EU Member States known as the European Semester. The EU leaders agreed on five key areas – growth-friendly fiscal consolidation, restoring normal lending to the economy, promoting growth and competitiveness, tackling unemployment and modernising public administration.

The Member States should focus their activities on budgetary policies leading towards fiscal consolidation, structural reforms, shifting taxation away from labour and on the efficiency of tax collection. The EU leaders identified three areas of specific importance: The Youth Umployment Initiative, Single Market Act 1 and smart regulation of small and medium-sized enterprises.

Now the Member States will draft plans to the European Commission and will be reviewed by the Commission by April and endorsed by the European Council in June.

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