Republic of Cyprus
Directorate General Growth, Ministry of Finance

European Semester

All Member States have committed to achieve the "Europe 2020" Strategy objectives, which have been translated into national targets and growth policies. Coordination and proper targeting of national efforts are required for achieving the desirable results for growth. To this end, the European Commission has adopted an annual cycle for economic policy coordination, the “European Semester”. The "European Semester" is the EU's annual cycle of coordination, during which the fiscal, macroeconomic and structural reform policies of Member States are coordinated for taking into account the European Commission’s recommendations before finalizing their draft budgets for the following year.

The Annual Growth Survey (AGS) launches the "European Semester" each year. This report is prepared by the European Commission by the end of each year and is the basis for the discussion taking place in the Spring (March) European Council for the "Europe 2020" Strategy. The report assesses the major economic challenges of the EU and proposes measures that will need to be promoted for addressing these challenges. On the basis of this report, the EU heads of state or government in the Spring European Council provide guidance with respect to the priorities on which Member States should give special emphasis during the current year for enhancing growth and increasing the employment levels. The AGS 2014 was published on 13 November 2013, maintaining the priorities that were set in the previous two years.

For more information concerning the "European Semester", visit the website of the European Commission.

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