European Semester Social Aspects & Fiscal Reforms 2024 Overview
Explore the key topics discussed at the 2024 ESG Conference, including the Reformed Stability and Growth Pact, social aspects of the European Semester, and challenges facing policy coordination. Gain insights into medium-term fiscal plans, revised fiscal rules, and the promotion of reforms and investments for sustainable growth. Understand the importance of social convergence and consultation processes with relevant stakeholders for enhancing economic and social performance within the EU.
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Presentation Transcript
THE ANNUAL ESG CONFERENCE 2024 1STPANEL DISCUSSION G za Het nyi Head of Economic and Financial Unit Permanent Representation of Hungary to the European Union 24 September 2024
REFORMED STABILITY AND GROWTH PACT Introduction of medium-term fiscal-structural plans Revised fiscal rules Medium-term and risk-based approach (DSA) Promoting reforms and investments (7-year plans) Enhanced enforcement (EDP) Extended scope of the European Semester
SOCIAL ASPECTS OF THE EUROPEAN SEMESTER (I.) EGR Regulation 2024/1263 Article (3) The European Semester 1. In order to ensure closer coordination of economic policies and sustained convergence of the economic and social performance of the Member States, Recital 8 the Commission assesses risks to upward social convergence in Member States and monitors progress on the implementation of the principles of the European Pillar of Social Rights on the basis of the Social Scoreboard and of the principles of the Social Convergence Framework.
SOCIAL ASPECTS OF THE EUROPEAN SEMESTER (II.) Article (11) Prior to the submission of the fiscal-structural plans Consultation mandatorywith civil society, social partners, regional authorities and other relevant stakeholders However, derogation for the first plans (article 36) Article (21) Annual progress report Discussion optional with national parliaments and with civil society, social partners and relevant stakeholders
SOCIAL ASPECTS OF THE EUROPEAN SEMESTER (III.) Challenges: Loosening the focus of the European Semester from economic policy coordination. Social policy is a national competence. National ownership is key when addressing the social CSRs. Issues concerning the measurement (methodology for assessment of social reforms and investments) No one-size-fits-all solution regarding the consultation process with social partners, it mainly depends on the national legal framework of the Member States.
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