9
Mar
2022
Watch
European Semester for economic policy coordination: annual sustainable growth survey 2022 – European Semester for economic policy coordination: employment and social aspects in the annual sustainable growth strategy survey 2022 (debate)
Madam President, the annual growth survey is a kick-off of the European Semester. This year, if it is indeed the last of the general escape clause of the Stability and Growth Pact, it is central to the debate and above all to decisions on the future of economic governance in the European Union. But let's be clear, we are not and will not grow to the level we expected. The economic forecasts for this final stretch of the pandemic are already more modest, but the outbreak of the war in Ukraine is significantly changing our expectations. Economic and fiscal policy cannot ignore it. If the revision of fiscal rules was necessary for the recovery from the pandemic, it became urgent in the response to the war. This must be done before the end of the year, otherwise we will lose the reformist momentum that has emerged from these challenges that the Union is now facing. Realistic paths for deficit reduction, responsibility for managing national public debts and ambition for joint debt issuance in the Union are three pillars of this debate. We must be bold in our solutions, but aware that we have a duty of solidarity with future generations. We want more Europe, more unity and more solidarity, precisely because we want a better future.