Honourable chair, Honourable Members of the European Parliament.
I am delighted to engage in this ECON-EMPL dialogue with you about the European Semester. We are facing a complex global environment at the start of 2025, with significant structural challenges such as low productivity growth and an aging population. If not addressed, these could hinder our long-term prosperity. Immediate action is crucial.
We must enhance competitiveness and productivity, building on previous reports. Macroeconomic stability is equally essential.
The recent European Semester Autumn Package marks significant progress. Member States are aligning with objectives for debt sustainability and inclusive growth through reforms and investments. This demonstrates a strong commitment to the new approach.
Our focus this year includes improving competitiveness, economic resilience, and ensuring macroeconomic stability. On competitiveness, addressing productivity and innovation gaps is key. We also need to improve business environments and access to funding.
For resilience, we must adapt to economic shocks by shifting tax burdens and enhancing labor market participation. Stability requires compliance with the new fiscal framework.
The upcoming Competitiveness Compass will further outline these priorities, guiding our efforts for the next five years.