EESC makes recommendations for future EU economic policy and EMU governance

In July, the EESC presented proposals for the economic agenda of the upcoming legislative period and recommended that they should form the basis of a new EU economic strategy.

Future economic policy and governance should, in the EESC's view, take account of geopolitical and societal challenges, such as the global economic slowdown, unresolved trade disputes, Brexit, climate and demographic change, growing inequalities and the fourth industrial revolution, and contribute to strengthening resilience to crises and the sustainability of the economic model. These challenges require a far-reaching economic strategy with clear policy objectives and a more coherent economic governance framework.

All four pillars of EMU – the monetary and financial, the economic, the social and the political – must be reinforced in a balanced way and a positive narrative for the future development of the EU economy is needed. The EESC calls amongst other things for the creation of a fiscal capacity at euro area level, the balancing of supply- and demand-side measures and enhanced involvement of the European Parliament, social partners and civil society organisations in key social and economic policy decisions.

Regarding upward convergence, the EESC believes that education and training, R&D and innovation need to be promoted. These measures can strengthen the competitiveness of the EU economy based on its capacity to increase its productivity and living standards in a sustainable manner while at the same time becoming climate neutral.

More information: ECO/492 & ECO/493 (jk)