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 conclus european council amsterdam june recommend main object growth employ converg summer previou guidelin adopt moder recoveri econom activ hold commun suppli side fundament continu improv demand prospect brighten develop combin increasingli balanc macroeconom polici mix emerg improv confid gradual strengthen output growth trend rate year trend year present environ fundament polici concern promin success front mutual reinforc firstli employ expect increas moder short run rais commun low employ rate reduc unemploy significantli emphas dublin declar employ job challeng appreci stride recent year goal price stabil sustain public financ progress requir contribut achiev maintain high degre converg signific number member state posit particip econom monetari union emu januari come quarter crucial import avoid doubt strict applic maastricht criteria launch date singl currenc reassur european citizen busi opportun brought emu seiz foster growth employ pursuit sounder budgetari posit bring import growth employ benefit medium term continu budgetari consolid effort interest member state singl market emu commun import econom entiti world medium longer term potenti term technolog progress labour wealth creation consider order exploit fulli potenti rais standard live commun progress achiev high employ rate perform safeguard sustain pension scheme reform manner form integr part social protect system member state restor sustain high rate inflationari growth base sound public financ creat favour environ polit social point view deal commun unemploy problem structur defici continu restrain growth degre growth translat addit employ member state implement structur reform high employ rate achiev product capac larg current invest ratio provid essenti favour invest condit term high profit low interest rate maintain addit realiz transeuropean transport energi commun network activ pursu exist commun financi instrument european invest bank eib plai kei role greater involv privat sector invest human resourc knowledg skill develop stronger employ growth emphas commiss report europ econom entiti background member state commun urg accord articl treati conduct econom polici view make signific progress sustain inflationari growth respect environ high level employ object stipul articl treati end call coordin polici articl context increas integr economi growth stabil orient macroeconom polici mix present guidelin reaffirm achiev sustain invest support output growth job creation medium term inflationari tension continu requir common macroeconom polici strategi build element formul guidelin 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 stabil task monetari polici facilit budgetari measur wage develop monetari condit includ exchang rate long term interest rate favour growth employ recommend nomin wage trend consid past trend share wage total ad regard medium term prospect emu lock fundament chang macroeconom polici mix progress achiev commun fulli account social partner econom agent singl monetari polici respons independ european central bank price stabil primari object prejudic object support gener econom polici commun contribut achiev object laid articl treati ii treati provis field budgetari polici articl stabil growth pact ensur sound disciplin budgetari polici subject legal provis respons budgetari polici resid sovereign nation govern coordin polici framework broad econom polici guidelin iii wage determin autonom social partner individu countri practic stabil orient monetari budgetari polici imposs exchang rate movement euro area reinforc condit incent adequ evolut incent strengthen intensifi social dialogu relev parti prevail tradit nation level function wage format process requir high econom growth reduc unemploy commun level commiss accord articl continu develop social dialogu notabl macroeconom polici issu view build common understand econom polici strategi laid guidelin european social partner contribut macroeconom framework transmit dublin european council constitut import step direct encourag cooper applic involv econom decis make framework establish condit sustain high employ creat growth commun price exchang rate stabil price stabil commun made consider headwai price stabil inflat converg essenti requir achiev sustain medium term growth adopt singl currenc inflat commun averag expect fall lowest rate commun incept emu perspect member state aim price stabil target level medium term member state rate inflat low significantli earli part april fourteen member state inflat rate inflat fell rapidli recent month member state spain itali portug reflect fulli averag rate inflat observ year april averag rate inflat observ year member state belgium denmark germani franc luxembourg netherland austria finland sweden ireland unit kingdom spain itali portug provid good recent inflat perform countri maintain averag rate inflat observ year declin month ahead greec substanti progress reduc inflat made recent year reinforc effort need order bring inflat offici inflat target cent end cent end exchang rate stabil accord articl member state continu treat exchang rate polici matter common interest finland itali enter exchang rate mechan erm autumn year signific major erm currenc regist remark stabil sounder credibl econom polici includ budgetari polici contribut align exchang rate commun context view particip emu imper member state maintain intensifi commit stabil orient macroeconom polici countri particip erm polici contribut creat condit make particip sound macroeconom polici manag creat condit stabl exchang rate low long term interest rate commun contribut stabl intern monetari system sound public financ commun actual budget deficit declin gdp gdp slow econom growth made effort budgetari consolid difficult mask underli improv achiev basi budget measur decid mid april net borrow gener govern commun fall gdp declin gdp budget larg major member state signific measur reduc budget deficit gdp paramount import member state rigor implement budget correct action event slippag budgetari target budget enact addit deficit reduc measur requir member state order achiev converg programm target serv provid need confid sustain budgetari adjust countri budget deficit expect gdp budget contain temporari measur ratio debt gdp diminish suffici approach refer satisfactori pace resolv need compli maastricht budgetari criteria make progress attain medium term object budgetari posit close balanc surplu refer stabil growth pact safeguard growth stabil orient macroeconom polici mix budgetari adjust programm credibl sustain burden adjust alloc fair credibl import programm transpar transpar requir commonli agre account rule econom principl strictli appli annual budget medium term budgetari project underli econom assumpt sustain essenti deficit reduc measur form part state medium term strategi includ structur reform state converg programm begin stage stabil converg programm programm close monitor commun level realiz econom reward budgetari consolid crucial hing qualiti measur respect present guidelin reaffirm gener principl identifi previou guidelin firstli member state desir give promin expenditur restraint increas tax burden take account relationship system social transfer tax system member state action focu structur measur control spend public consumpt public pension provis health care passiv labour market measur subsidi tax increas unavoid care minim advers effect growth employ avoid reviv inflationari pressur extent threaten reduct budget deficit govern spend prioriti favour product activ invest infrastructur human capit activ labour market initi thirdli desir reduct tax social contribut burden member state carri consist achiev mainten sound budget balanc demograph member state put strain public expenditur year respect member state review financi sustain social protect public pension scheme time implement reform interrelationship taxat polici hand singl market emu fight unemploy member state stand gain increas cooper tax measur harm competit tax regim member state avoid respect member state call examin possibl establish code conduct set polit bind principl fair tax competit individu member state denmark ireland luxembourg netherland finland respect refer denmark budget balanc expect turn posit year import consolid perform busi cycl public debt gdp ratio steadi downward trajectori ireland advantag current strong growth phase intensifi effort restrain public expenditur make progress balanc budgetari posit continu restrain expenditur polici essenti netherland finland focu need social secur transfer offer opportun lower wage labour cost incom tax employ imped tax belgium budget deficit expect reach gdp basi current polici deficit fall pursu budgetari consolid belgian govern strictli adher converg programm attent ensur sound social secur account kei element introduct effect mechan control health care spend continu pursuit pension reform germani budget deficit expect reach gdp basi current polici deficit fall slightli german govern made firm commit measur respect refer action arrest upward trend public debt gdp ratio pace budgetari consolid maintain line converg programm continu budgetari consolid focu reduct share govern spend economi includ reform tax social secur system lead relief tax contribut burden threaten strict adher budgetari object converg programm spain budget deficit expect reach gdp basi current polici deficit fall slightli budget spanish author fulli commit reach deficit target gdp pursu budgetari consolid envisag converg programm import continu implement structur deficit reduc measur curb current expenditur improv effici budgetari manag franc budget deficit expect reach gdp basi current polici deficit fall significantli essenti budgetari consolid put sustain basi medium term implement recent agre converg programm fail health spend balanc social secur account ensur tax reduct support growth employ slow pace deficit reduct itali measur march budget deficit expect reach gdp italian author urg measur ensur target reach order achiev reduct public deficit year essenti fulli implement recent approv converg programm object set programm consid italian govern ceil view prevent shortfal foster faster declin govern debt ration budget promin measur perman effect deficit reduct includ structur measur favour impact effici entir econom system crucial import reform welfar state italian tax system austria budget deficit expect reach gdp basi current polici deficit fall slightli austrian govern urg measur meet budget deficit target gdp secur sustain budgetari consolid effort subsequ year programm ongo reinforc structur adjust portug budget deficit expect reach gdp budget portugues author fulli commit reach deficit target gdp pursu budgetari consolid envisag converg programm basi current polici deficit fall slightli strateg agreement govern social partner strictli compli order achiev signific progress reform public administr social secur taxat system sweden budget deficit expect gdp basi current polici deficit fall consider sweden continu implement converg programm impli improv public financ carri regular follow programm unit kingdom budget deficit expect reach gdp basi previou govern project deficit project fall recommend govern establish effect framework establish sustain fiscal consolid greec announc measur expect lead reduct govern budget deficit sustain effort wide rang front requir order meet target converg programm includ reinforc effort widen tax base increas effici tax administr tax collect system curb govern spend pursu extend privat plan deficit expect fall member state commun call continu maintain strict budgetari disciplin strict budgetari disciplin appli categori financi perspect respect interinstitut agreement budget disciplin improv budget procedur function product servic market order safeguard promot ec competit employ live standard world free trade constant technolog chang essenti member state commun line brad guidelin econom polici intensifi effort modern market good servic labour order increas abil member state economi adapt chang condit enhanc growth potenti promot innov research develop improv educ train system increas effici environment polici contribut econom environment sustain develop reli market base instrument nation level eu wide action appear commun level part strategi foster growth employ achiev price stabil essenti improv oper product servic market stimul competit foster invent innov ensur effici price set rational singl market programm smp import highlight commiss recent evalu conclus evalu hand member state product market gener highli integr hand market servic integr situat improv significantli start smp problem remain servic insur bank construct subject attent fulli implement singl market legisl addit member state step increas effici public servic product market public procur continu escap full forc competit product market continu excess regul member state consum face higher price result state aid continu distort market blunt competit sign improv product standard concept mutual recognit area progress slow busi environ sme improv respect access inform quicken made user friendli measur streamlin regul slim initi competit effici product servic market improv make singl market work addit member state commit implement fulli ensur proper enforc exist legisl framework telecom sector ii make progress legal framework area taxat compani law iii complet liber energi market framework exist direct direct negoti iv reduc burden regul revis remov nation market fragment measur avoid state aid postpon essenti restructur commiss action plan singl market propos number concret action place januari redynam singl market commun reform polici accord requir articl treati member state commun act accord principl open market economi free competit favour effici alloc resourc complianc principl set articl foster labour market reform invest knowledg posit experi number member state permit import polici conclus drawn content implement reform firstli structur reform comprehens scope oppos limit occasion measur address coher manner complex issu incent creat take job approach polici complementar exploit increas effect reform enhanc social polit accept reduc likelihood polici revers mechan monitor impact reform labour market employ ass effect reform prioriti implement result multi annual employ programm focu interplai guidelin specif labour market measur joint employ report monitor applic pai attent identif good practic aris member state polici wide arrai measur aim reinforc labour market effici adopt recent year nation level import reform discuss number member state process continu intensifi context challeng reconcil mainten cohes societi enhanc job creation prioriti higher employ growth foster mainten wage trend wage account differ qualif region import task social partner ii reduct wage labour cost lower incom tax maxim job opportun iii reform taxat social protect system link improv function labour market iv pattern work organ includ flexibl work time arrang tailor specif firm worker greater voluntari part time work promot local employ initi adapt educ system includ vocat train market improv human capit foster growth potenti economi respect prioriti improv employ unemploi low skill inexperienc labour reduc skill mismatch labour market provid train fit chang labour market addit reform support stronger employ orient polici measur undertaken assist commun structur fund fit global employ strategi multi annual employ programm member state brussel juli council presid juncker measur latest monthli harmon index consum price hicp rel month year earlier measur arithmet averag latest twelv monthli harmon indic hicp rel arithmet averag twelv monthli harmon indic previou period ireland unit kingdom assess base commiss estim countri publish hicp data manner calcul commiss commun impact effect singl market octob econom evalu intern market european economi report studi