Euro area economic policy 2024

Background

The Economic and Monetary Union and Economic and Social Cohesion (ECO) section of the EESC has provided its opinion on the Commission's recommendations regarding the 2024 economic policy of the Euro area. ECO presses for the European Central Bank (ECB)'s prudence in inflation control, and emphasizes fiscal consolidation. The section addresses concerns about growth outlook, advocating for coordinated fiscal and monetary policies and stressing the importance of wage developments amid the cost-of-living crisis. The opinion concludes with a call for strategic solutions for industrial greening and for investments to support the green and digital transitions. The document is scheduled for discussion and adoption by the EESC during its January 2024 plenary.

Key points

In the opinion, the EESC's ECO section

  • urges the ECB to adopt a prudent monetary policy, coordinating with Member States' fiscal policies. It supports the Commission's call for swift fiscal consolidation and reform of the Stability and Growth Pact;
  • welcomes the Commission recommendations on supporting wage developments, completing the Capital Markets Union, progressing the banking Union, and advancing the electricity market reform and Energy Union;
  • emphasises a European solution for long-term business competitiveness, supporting the Strategic Technologies for Europe Platform. ECO calls for common instruments, welcomes the EU talent pool launch, and emphasises implementing recommendations on addressing labour shortages and skills gaps;

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Additional information

- EESC section: Economic and Monetary Union and Economic and Social Cohesion (ECO)

- opinion type: Optional Opinion

- rapporteur: Konstantinos DIAMANTOUROS (Employers - GR I / Greece)

- reference: ECO/633-EESC

- referral: COM(2023) 903 final

- date of adoption by section: 18/12/2023

- date of adoption in plenary: 17-18/01/2024

Contact

Thomas Kersten

Press Officer

Tel.: +32 (0) 2 546 8931

Email: thomas.kersten@eesc.europa.eu

 

Krisztina Perlaky-Tóth

Policy Officer

Tel.: +32 (0) 2 546 9740

Email: eco@eesc.europa.eu