council recommend juli broad guidelin econom polici member state commun ec council european union regard treati establish european commun articl thereof regard recommend commiss regard opinion monetari committe regard conclus european council cann june recommend introduct summer previou broad guidelin adopt econom growth commun firmli establish recent foreign exchang turmoil declin dollar highlight signific risk import polici issu remain unresolv order ensur growth prospect fulli advantag increas employ enhanc converg econom polici respond challeng opportun present emerg econom expans present set polici guidelin prepar adopt articl treati establish european commun constitut refer conduct econom polic commun member state affirm object propos earlier version conclus fight unemploy reach european council notabl essen meet recommend year action intensifi full implement guidelin make strengthen converg realiz good growth employ prospect achiev signific reduct rate unemploy contribut allevi problem social exclus polici concern promin present environ possibl favour impact econom growth give rise adjust neglect form weaken commit induc cyclic improv budget deficit resolv durabl manner structur fiscal imbal employ begin recov reflect reluct initi implement measur remov labour market imperfect essenti type adjust neglect vigor resist recent exchang rate contribut greater risk inflat dispers contribut disturb oper intern market threaten benefici achiev econom integr exchang rate correspond fundament detriment effect member state clear order minim occurr episod creat condit exchang rate stabil reflect econom fundament kei prioriti econom polic commun present guidelin affirm polici object set decemb juli guidelin essenti commun member state turn present recoveri strong sustain inflationari medium term growth respect environ growth import order reduc unemploy substanti make achiev degre converg facilit transit stage iii emu achiev object continu requir stabl invest enhanc short medium term macroeconom framework character stabil orient monetari polici task undermin inappropri budgetari wage develop sustain effort consolid public financ member state consist object converg programm nomin wage trend consist price stabil object time real wage develop increas product order strengthen profit employ creat invest essenti complement framework provid structur reform aim foster competit economi member state improv function labour market polici sustain long term growth increas employ strengthen converg mutual consist econom polici guidelin price exchang rate stabil substanti progress reduc inflat commun member state made begin decad member state expect basi spring forecast publish commiss rate inflat rang cent consist object guidelin member state forecast experi rate inflat rang year progress price stabil made mean enlarg substanti group member state inflat perform line guidelin member state expect experi rate inflat cent maintain polici aim prevent resurg inflationari pressur progress countri increas effort case substanti meet guidelin exchang rate import implic inflat converg member state experienc currenc appreci inflat converg expect strengthen member state wage trend expect case develop broadli line object price stabil ensur wage develop lead reduct invest profit export orient sector hand member state experienc currenc depreci price tension increas risk acceler inflat countri utmost caution need context strong econom growth import prevent increas import price gener viciou circl price wage inflat achiev credibl move stabil orient polici framework rapidli lost combin mark depreci dollar unresolv structur problem uncertain fiscal inflat prospect uncertainti member state led substanti exchang rate instabl commun exchang rate exceed warrant differenti rate inflat detriment member state currenc appreci growth prospect gener favour reduc currenc depreci inflat prospect increas call addit effort medium term inflat object achiev proper function intern market disturb busi decis made basi misalign exchang rate provid fals incent special interest group make progress price stabil member state improv prospect last exchang rate stabil turn price stabil respect kei role plai budgetari polici credibl fiscal consolid commit exchang rate stabil contribut reap full benefit intern market improv resourc alloc commun member state continu treat exchang rate polici matter common interest framework european monetari system exchang rate mechan sound public financ consolid econom growth prospect resolut fiscal imbal remain uncertain fiscal converg continu elus failur realiz greater progress budgetari consolid lead case situat fiscal polici sever constrain high rise burden interest payment undermin sustain price exchang rate stabil increas uncertainti fiscal polici erod credibl polici contribut unbalanc polici mix undermin task monetari polici medium term persist fiscal imbal advers implic econom growth employ creation sound fiscal posit posit suppli factor open possibl tax reduct increas product public invest argument budgetari consolid base growth employ consider import base improv sustain debt posit nomin converg budget deficit debt ratio reduc durabl manner period strong growth reduc clear task confront virtual member state ensur advantag growth opportun promot fiscal consolid reduc structur deficit member state aim bring budget deficit cent gdp step medium term goal set decemb guidelin close balanc countri structur pension system call surplus public account current estim suggest member state includ forecast deficit year cent mark exploit room provid econom growth higher budget plan declin interest rate acceler process budget consolid urgent countri high debt gdp ratio event exchang rate turbul lower econom growth year effort achiev target converg programm relax forecast basi adjust measur member state set fiscal ceil converg programm fiscal object uniformli met case adjust effort need reach target set converg programm basi commiss forecast unchang polici assumpt member state deficit gdp underlin high import respect converg programm updat regularli assist fulfil object treati countri remain expenditur increas prefer approach impact employ undoubtedli limit higher taxat social charg ration public expenditur taxat system contribut econom growth employ creation propos guidelin member state modifi tax structur wai favour employ benefit environ public expenditur alloc consumpt favour product enhanc spend categori strengthen public invest invest human capit accord prioriti context wage labour cost reduc countri lower end wage product scale import reduct budget deficit endang impli compensatori addit revenu found fiscal difficulti continu character public financ member state greec progress made essenti fiscal imbal reduc order inhibit progress converg decis measur requir expenditur side multi annual framework order increas confid econom politi itali fiscal consolid measur recent year begin bear fruit effort continu full implement recent announc year plan case sweden confront larg deficit multiannu adjust fiscal framework adopt adjust path adher belgium high indebted necessit fiscal compon global plan fulli implement progress reduc deficit cent gdp mark made order achiev signific reduct debt ratio spain portug greater effort requir area fiscal consolid ambiti fiscal object case austria franc finland prepar converg programm forecast suggest fiscal object ambiti effort realiz object sustain denmark netherland unit kingdom continu vigor implement programm fiscal consolid line converg programm ensur deficit fiscal develop prospect germani ireland luxembourg suggest basi commiss forecast continu show excess deficit ireland declin debt ratio project continu healthi pace state public financ luxembourg continu robust member state follow stringent budgetari polici ensur deficit gdp commun adopt cautiou stanc financi perspect establish european council edinburgh perspect set ceil target promot competit sustain growth propos white paper growth competit employ member state implement reform aim strenghten forc contribut growth potenti enhanc dynam competit commun economi order benefit fulli opportun offer intern market transposit commun direct nation law stand cent dispers member state rang cent cent progress requir area insur intellectu industri properti public procur technolog servic freedom movement progress slow extens singl market telecommun energi intern market transport remain incomplet addit progress reinforc competit rule reduc state aid reduc role public sector privat extent member state judg compat object progress made direct initi commun level recommend essen council competit advisori group set prepar report cann european council state commun competit relat issu group legisl administr simplif establish order enhanc competit issu review commun level includ improv financ sme enhanc labour market flexibl improv qualiti vocat train growth employ possibl flow effort safeguard environ fulli exploit report prepar decemb european council ecofin council interrelationship econom growth environ consequ econom polici import respect essenti dynam commun economi invest step relat invest educ train infrastructur commun develop match requir st centuri tran european network realiz action plan inform societi carri addit activ promot research develop initi greater coordin member state activ essenti parallel coordin effort level commun member state essenti build block realiz potenti job creation growth employ labour market econom recoveri progress predict absorb cyclic compon unemploy continu reduc unemploy signific progress manner achiev high rate econom growth year increas capac growth gener job member state stronger differenti wage sector geograph area qualif essenti compon effort achiev goal repres activ effici labour market polici aim comprehens integr coher effort bring structur chanc field educ system labour law work contract contractu negoti system social secur system improv function labour market context white paper european council identifi essen prioriti member state address improv employ opportun labour forc promot invest vocat train increas employ intens growth reduc wage labour cost improv effect labour market polici improv measur group hard hit unemploy member state invit european council meet essen implement measur adapt specif situat prepar multiannu programm spell polici intent import member state rapidli adopt multiannu programm request european council essen council commiss close track employ trend monitor relev polici member state report annual european council progress employ market start decemb measur greater determin effort need exampl wai activ effici labour market polici contribut goal increas employ improv employ opportun labour forc promot invest vocat train notabl sme rais qualiti human capit improv competit potenti output flexibl opportun workforc ii increas employ intens growth affect neg rate growth social partner examin level employ promot endang competit innov form work arrang reorgan pattern work time combin work leisur increas incent employ reduc wage labour cost lower end wage product scale harm part labour market macroeconom point view achiev wai compromis reduct budgetari deficit competit enterpris reform includ altern financ sourc social protect system requir encourag develop employ opportun activ region local level environment social servic sphere iii promot employ peopl job improv effect labour market polici enhanc flexibl respect profession geograph mobil worker readili employ improv measur group hard hit unemploy special retrain scheme concentr target group hit exclus labour market polici contribut exploit channel constitut indispens complement macroeconom polici structur polici area competit contribut maintain reinforc cohes social consensu insid union long difficult process absorb unemploy brussel juli council presid solb mira