The 2022 European Semester and the Recovery and Resilience Facility
Rationale As a result of the pandemic and with the aim of adapting to a constantly changing environment, the European Semester has been immersed in an important restructuring process since 2020. The launch of the Recovery and Resilience Facility (RRF), a central element of the Next Generation EU (NG...
| Authors: | , |
|---|---|
| Format: | article |
| Publication Date: | 2022 |
| Country: | España |
| Institution: | Banco de España |
| Repository: | Repositorio Institucional del Banco de España |
| OAI Identifier: | oai:repositorio.bde.es:123456789/29463 |
| Online Access: | https://repositorio.bde.es/handle/123456789/29463 |
| Access Level: | Open access |
| Keyword: | European Semester Next Generation EU Recovery and Resilience Facility Recovery Transformation Macroeconomic imbalances General escape clause Déficit y deuda públicos Presupuesto y contabilidad pública Globalización Economía internacional F4 F5 F6 H5 H6 O4 |
| Summary: | Rationale As a result of the pandemic and with the aim of adapting to a constantly changing environment, the European Semester has been immersed in an important restructuring process since 2020. The launch of the Recovery and Resilience Facility (RRF), a central element of the Next Generation EU (NGEU) temporary instrument, has made it necessary to adapt the European Semester to avoid overlaps and eliminate unnecessary administrative burdens. Takeaways • For the 2022 cycle, the European Semester preserves its main purpose of broad economic and employment policy coordination, while taking into account the implementation requirements of the RRF. • One of the key developments this year is the reintroduction of country reports and country-specific recommendations. A new recommendation included aims to reduce dependence on fossil fuels, in line with the REPowerEU objectives. • In the case of Spain, the recommendations are to: (i) ensure a prudent fiscal policy, (ii) continue implementing the Recovery, Transformation and Resilience Plan, (iii) increase recycling rates, and (iv) reduce dependence on fossil fuels. |
|---|