Credit photo: PHILIPPE HUGUEN / AFP
The COVID-19 pandemic and resulting economic crisis have laid bare and also worsened the shortcomings of the EU’s economic governance policies. Against this backdrop, the European Policy Centre launched the Task Force “Rethinking EU Economic Governance” in the spring of 2021. The Task Force brings together experts, academics, and present and former policymakers to debate about economic governance reform and formulate recommendations on how to improve the EU’s economic policy mix.
This exercise focuses on three main policy areas: First, higher debt and deficit levels across Europe related to COVID-19 response measures and the need for public investments to accomplish EU long-term objectives, such as building a digital and green economy, raises questions about the current form of the Stability and Growth Pact (SGP). Second, the European Semester will need to adapt in order to incorporate the implementation and monitoring of the National Recovery and Resilience Plans. Third, the pandemic has highlighted the importance of high-quality public and social services to fight inequality, promote social inclusion and support better health outcomes. Social investment should, therefore, be properly accounted for in the EU’s economic frameworks.
Drawing on insights from the Task Force members, the EPC will publish one Policy Brief on each policy area, before collecting the results in a final Discussion Paper, which will also present relevant and ambitious, but politically feasible recommendations.
The EPC has been working on ways to reform EU economic governance for the past decade. In the publications and events included below, one can find the most relevant contributions by EPC analysts over the past years.