European Semester and a new governance approach are crucial for future EU economic policy

The EU should renew its system of economic policy coordination and governance based on a new EU strategy post-2020 for sustainable development, to increase the efficiency of actions and the sustainability of results, says the EESC.

In this context, in a recently adopted opinion the EESC welcomes the Commission's proposal to build up stronger links between the European Semester and cohesion funding under the next MFF. It believes that these links have huge potential to improve coordination and governance of the EU's economic policy.

The EESC proposes moreover that a renewed system of EU governance should rely more on its understanding of and cooperation with civil society and enhance multi-level public administration. In this context, it proposes establishing an EESC information centre for stakeholders.

Another EESC opinion calls for closer links between the EFSI, its follow-up – the InvestEU programme – and other European or national investment programmes. It recommends setting clear investment targets, regulatory simplification and further guidance in order to achieve greater geographical and sectoral balance in the framework of the Investment Plan for Europe.

If the EU uses the European Semester as the most important element of economic policy coordination, it could contribute to the implementation of these recommendations. (jk)