The new European Commission has launched the autumn growth package for its inaugural European Semester cycle.
The European Semester Autumn Package lays out the Commission’s sustainable growth strategy for the coming period in line with Commission President Ursula von der Leyen’s political guidelines, detailing the ways in which future EU strategy for forming economic and employment policy will integrate with the terms of the overarching European Green Deal. The Annual Sustainable Growth Strategy is segmented into four key dimensions:
- Shoring up sustainability and protecting the environment;
- Promoting and improving productivity throughout the EU;
- Ensuring fairness and equality for all Europeans; and
- Boosting economic and macroeconomic stability across the bloc.
Valdis Dombrovskis, Executive Vice President for An Economy that Works for People said: “A profound transformation of our economic model is underway. Climate change, digitalisation and changing demographics require us to adapt our economic policy, so that Europe remains a competitive force on the world stage and does so in a way that’s sustainable and fair. At the same time, we need EU countries to strengthen their defences against the global risks on the horizon. I invite countries with fiscal space to further boost investment and those with a high level of debt to bring it down.”
Nicolas Schmit, Commissioner for Jobs and Social Rights, said: “The new strategy integrates the principles of fighting inequalities and the pursuit of upward economic and social convergence enshrined in the European Pillar of Social Rights. The number of people in work today is at a record high, but disparities persist. In a fast changing world and an economy where innovation is key, we have to facilitate better access to the labour market and invest more in skills for those who need to adapt to the digital and green transition, especially the most vulnerable. Social fairness must be integral to every part of this new workstream.”