Contribution to the annual growth survey 2012

The Council took note of oral information from the Commission concerning the Annual Growth Survey for 2012 (17229/11 + ADD 1 + ADD 2 + ADD 3 + ADD 4), which was published on 23 November 2011, launching the 2012 European semester of economic governance. The survey is the basis for building the necessary common understanding on the priorities for action at national and EU level for the next twelve months, which should then feed into national economic and budgetary decisions, taking up the EU country-specific recommendations and where relevant the commitments made under the Euro Plus Pact.

The Commission will present to the June European Council a detailed assessment of the implementation by member states of the country-specific recommendations and the Euro Plus Pact commitments in the country-by-country analysis.

It should be recalled that, for 2012, the Commission is of the opinion that efforts at national and EU level should concentrate on the following five priorities:

1)      pursuing differentiated growth-friendly fiscal consolidation;

2)      restoring normal lending to the economy;

3)      promoting growth and competitiveness for today and tomorrow;

4)      tackling unemployment and the social consequences of the crisis; and

5)      modernising public administration.