council recommend june broad guidelin econom polici member state commun period ec council european union regard treati establish european commun articl thereof regard recommend commiss regard discuss european council june resolut recommend commiss adopt european parliament recommend tabl content gt tabl gt gener econom polici guidelin meet lisbon strateg goal econom polici contribut eu crucial junctur histori success introduct euro note coin eu ev histor enlarg increas size member state creat econom entiti popul million time world economi face uncertainti cast shadow econom prospect short term possibl medium term lisbon eu set strateg goal current decad quot competit dynam knowledg base economi world capabl sustain econom growth job greater social cohes quot current global econom environ reinforc speedi implement lisbon strategi success implement strategi depend simultan coher polici action wide rang area econom social environment domain broad econom polici guidelin take account short term requir concentr contribut econom polici make year lisbon agenda line arrang streamlin conclus brussel spring european council bepg focu kei econom polici issu prioriti year heart polici coordin endeavour underpin econom govern eu member state guidelin testifi eu recognit imper higher sustain growth rate resolv action achiev result sound macroeconom condit polici prerequisit sustain increas econom prosper stronger entrepreneuri spirit improv invest knowledg innov reform employ system kei increas product open opportun growth function competit labour product capit market indispens achiev flexibl economi increas potenti growth due regard paid econom social environment sustain concern ensur effort produc expect result longer term addit broad econom polici guidelin bepg member state fulli implement employ guidelin recommend requir treati articl consist bepg gener econom polici guidelin part applic member state commun part includ section euro area address specif challeng strategi kei econom polici challeng differ member state due differ econom perform prospect structur institut take due account part ii present countri specif econom polici recommend member state invit conduct econom polici line guidelin updat guidelin provid occas closer situat polici requir strengthen eu economi econom growth turn significantli weaker anticip gdp growth remain sluggish short term indic suggest continu recent geopolit tension fade extern demand weak growth stem insuffici resili shock fall confid busi consum reflect uncertainti declin oil price allevi geopolit tension end conflict iraq recoveri financi market improv financi condit reinforc basi growth recoveri half pace recoveri affect rise unemploy weak balanc sheet financi financi corpor employ growth resili late labour market situat reflect econom develop lag deterior employ prospect wage slow adapt low product growth headlin inflat recent hover percent core inflat deceler half albeit slow rate respect appear rigid stand fast adjust forward slow unit labour cost lead deceler inflat rate percent background import econom polici inspir confid creat condit stronger domest demand job creation short term expans growth potenti medium term order effect support implement monitor polici macroeconom statist analyt tool highest qualiti requir growth stabil orient macroeconom polici macroeconom polici plai kei role sustain growth employ preserv price stabil aim support balanc growth full realis current growth potenti aim establish framework condit promot adequ level save invest plan futur firm individu confid price stabil sound public financ maintain mainten sound macroeconom condit depend polici pursu central bank govern wage develop accord mandat monetari author pursu price stabil line treati prejudic object price stabil escb support gener econom polici commun fiscal polici continu pursu part medium term orient comprehens growth friendli strategi member state contribut budgetari polici stabilis output higher sustain growth trend allow full symmetr plai automat stabilis cycl avoid excess deficit ensur structur consolid order achiev budget posit close balanc surplu cyclic adjust term end coordin budgetari polici reinforc line council report march endors spring european council assess conform close balanc surplu requir attent paid countri specif circumst ensur suffici safeti margin preserv time includ allow automat stabilis oper fulli breach gdp refer ii ensur long term sustain public financ iii ensur coher evolut qualiti public financ stabil converg programm close balanc surplu requir member state reach maintain budgetari posit close balanc surplu econom cycl countri deficit exceed close balanc surplu stabil growth pact requir improv cyclic adjust posit countri excess deficit correct line stabil growth pact subject avoid pro cyclic polici counteract symmetr plai automat stabilis cycl import growth condit favour wage develop contribut stabl macroeconom condit employ friendli polici mix member state promot framework condit wage negoti social partner import ensur nomin wage increas consist price stabil product gain labour cost develop remain moder context cyclic recoveri product temporari increas inflat compani increas job creat invest foster macroeconom dialogu context product orient wage polici econom reform rais europ growth potenti structur reform essenti increas eu growth potenti yield maximum synergi implement comprehens coordin introduc flexibl economi contribut macroeconom stabil resili shock structur reform area implement produc substanti benefit reduc adjust cost shorter run exploit synergi addit labour suppli trigger labour market reform rapidli presenc busi opportun open product capit market reform convers busi opportun creat product capit market reform advantag appropri educ skill worker full employ job human resourc remain greatli utilis eu evidenc compar low employ rate eu low labour product growth address section ii main reason gdp capita unit state level fewer peopl relat total popul work ag employ tend work fewer hour labour market reform increas labour suppli make labour market adapt chang econom condit great import eu economi reform make work pai peopl fact encourag leav labour market remain inact gener loos enforc benefit system incent retir earli seek work face prospect high margin effect tax rate withdraw benefit lack child care facil make difficult job women low skill live poorer region find price job point improv qualiti educ train discuss section ii wage reflect product overli restrict labour market regul benefit establish employe expens margin labour market make costli firm staff left greater risk long term unemploy contrast relax overli restrict element employ protect legisl regul flexibl work organis greater opportun part time work flexibl work hour properli balanc due secur employ relationship make easier peopl join labour forc firm obstacl disincent labour mobil geograph occup imped proper function labour market leav ampl scope improv match job open human resourc fill context effect integr migrant worker labour market crucial creat condit full employ qualiti product work greater cohes inclus labour market fundament lisbon strategi overarch object european employ strategi make human resourc top prioriti lisbon strategi reflect target establish eu head state govern femal older worker employ rate call increas year effect averag ag peopl stop work eu achiev mark import step object employ rate higher employ rate directli contribut higher growth element establish prong strategi tackl budgetari implic ag popul reach target root high unemploy low labour forc particip eu tackl action improv incent order make work pai facilit job creation improv effici function labour market import respect pursu reform increas employ member state vigor implement employ guidelin recommend address deal employ issu greater detail order contribut rais europ growth potenti tackl budgetari implic ag popul member state come year improv combin incent effect tax benefit reduc high margin effect tax rate order reduc unemploy poverti trap increas return human capit reduc tax benefit disincent suppli demand low paid labour improv design administr benefit motiv work structur replac rate address level durat elig criteria benefit accord recommend epc annual report structur reform whilst preserv adequ level social protect ensur effici job search assist benefit recipi employ guidelin ensur wage bargain system wage reflect product take account product differ skill local labour market condit respect role social partner nation practic review labour market regul notabl relax overli restrict employ protect legisl address relat employ contract employ protect legisl promot adapt innov work organis employ guidelin facilit labour mobil geograph countri occup promot recognit qualif transfer social secur pension right elimin obstacl mobil relat hous market promot lifelong learn employ guidelin ensur effici activ labour market polici special attent peopl face greatest difficulti labour market rigor impact evalu employ guidelin ii competit dynam knowledg base economi job increas product busi dynam increas eu growth potenti depend job creation give addit stimulu labour product busi dynam context progress declin labour forc link ag product increas indispens maintain increas futur live standard increas product make rais real wage scope invest public servic attenu cost pressur provid higher level qualiti level fund boost product fulli reap benefit intern market cost effect invest skill knowledg innov organis chang make broader technolog time stronger busi dynam need improv competit posit european firm labour product gain highli depend increas effici invest physic capit capit deepen knowledg innov strive qualiti work improv qualiti human resourc invest higher effici train contribut rais human capit labour product level discrimin access educ train enhanc product improv opportun find job job qualiti measur increas labour suppli promot activ ag address detail employ guidelin public privat sector contribut lisbon goal achiev govern contribut spend public monei effici redirect public expenditur growth enhanc cost effect invest human capit knowledg subject budgetari constraint seek higher leverag public support privat invest invest kei european infrastructur tran european network top prioriti address eu level lion share increas invest privat sector polici aim improv econom framework condit encourag busi innov invest grow impli foster competit product capit market ensur level plai field firm eu promot entrepreneurship ensur high qualiti regulatori environ increas investor confid reward invest knowledg innov intern market plai import role respect includ financi market integr recent studi shown scope full market open boost growth employ servic sector exploit commiss present streamlin intern market strategi period propos exploit full potenti intern market growth job creation competit time strong impuls long run potenti growth rate union stem increas diffus knowledg innov member state perspect polici integr nation innov educ system plai import role member state come year foster competit good servic market increas transposit rate intern market direct line agre target elimin remain barrier includ barrier creat fiscal system cross border trade market entri good servic market ii open public procur iii ensur effect independ give adequ power resourc competit regulatori author iv continu effort reduc level state aid reorient aid horizont object common commun interest target identifi market failur encourag market entri effect competit network industri pursu greater connect nation market enlarg eu guarante univers high qualiti effici servic gener interest acceler integr eu capit market implement risk capit action plan financi servic action plan secur market ensur consist enforc eu rule remov barrier effici cross border clear settlement gener support environ entrepreneurship sme start grow reduc administr burden busi simplifi corpor tax system improv simplifi regulatori environ notabl entri exit mechan improv access financ ventur capit small medium size enterpris agre implement measur strengthen corpor govern nation commun level improv arrang nation commun level deliv effici cross sector cross border cooper financi supervis financi crisi manag activ step promot invest knowledg technolog innov make progress gdp object total amp invest develop framework condit conduc amp innov implement structur reform product capit labour market ii develop institut framework intellectu properti protect realis afford legal commun patent iii promot network knowledg transfer scienc industri link research mobil iv promot access ict line europ action plan facilit develop union satellit navig system galileo vi improv qualiti effici educ train system includ lifelong learn activ labour market polici order respond adequ chang skill requir maintain upgrad human capit base employ guidelin enhanc contribut public sector growth redirect respect budgetari constraint public expenditur growth enhanc cost effect invest physic human capit knowledg ii increas effici public sector inter alia introduc mechan assess relationship public fund polici object control spend iii establish framework joint public privat initi adopt technolog outsourc competit public procur iv ensur tax structur strengthen growth potenti promot employ creation invest strengthen sustain growth prove sustain due attent paid issu econom social environment sustain synergi aspect carri impact assess cost benefit analysi propos legisl synergi trade off econom environment social object identifi assess systemat flexibl market base solut achiev environment social goal prefer econom sustain ensur long run sustain public financ ag popul impli import challeng rise ag depend ratio put increas pressur public financ rise expenditur notabl public pension health care shoulder shrink work ag popul ensur long term sustain public financ underlin lisbon stockholm barcelona european council address econom budgetari consequ ag stockholm european council decid prong strategi focus increas employ rate section reduct public debt reform pension health care system context impact immigr examin sustain concern explicitli account assess budget posit member state greater weight attach come year govern debt ratio budgetari surveil process debt reduct make notic contribut meet budgetari cost ag popul reach requir balanc budget posit case run surplus essenti part ambiti prong strategi meet long term budgetari consequ ag reform pension system forcefulli pursu line broad common goal agre gothenburg laeken council view safeguard adequaci pension ensur financi sustain pension system modernis pension system respons chang economi societi individu joint report member state pension strategi welcom brussel spring european council march underlin ensur long term financi sustain import precondit adequ provis pension futur conclud momentum reform process secur sustain adequ pension maintain includ wide rang ambiti effort address budgetari impact ag time manner full made current window opportun effect ag felt forcefulli member state come year ensur declin govern debt ratio member state govern debt ratio gdp refer instanc ensur satisfactori pace govern debt reduct member state ensur suffici reduct debt ratio strengthen public financ view cost ag includ higher ag relat spend design introduc effect implement reform pension system encourag longer work live increas effect retir ag cost effect modifi incent embed pension tax benefit system encourag earli withdraw labour market restrict access earli retir scheme make pension system cope expect demograph develop increas life expect notabl link benefit contribut introduc element fund improv access supplementari pension scheme includ fund scheme ensur safeti benefit regulatori framework sound manag privat public fund pension scheme provid pension requir effici afford portabl secur increas link contribut benefit adapt pension system flexibl employ career pattern individu includ portabl pension benefit time ensur pension system stimul labour suppli employ guidelin member state commun appli strict budgetari disciplin appli categori financi perspect respect inter institut agreement budget disciplin improv budget procedur ii social sustain contribut econom social cohes lisbon strategi success attract continu widespread support structur reform contribut improv opportun sound econom polici make import contribut econom social cohes job protect poverti social exclus improv condit stronger job creation peopl low skill level live region lag creat condit enhanc growth invest facilit region catch poorer member state catch rest differ econom develop remain widen significantli enlarg contribut product economi social condit equal treatment gener resourc accompani social educ region develop polici facilit transform economi reduc poverti social exclus inclus labour market contribut cohes societi address employ guidelin social inclus process catch employ creation depend sound framework condit privat sector activ invest impli inter alia competit environ busi stabl macro economi adequ suppli input factor includ skill labour technolog success implement polici set part document creat condit measur improv function labour market allow actual wage properli reflect product differ skill local labour market condit import target polici action aim ensur avail basic infrastructur suffici qualiti improv reorient educ effort life long learn order rais skill adapt labour forc context recal eu contribut importantli invest region lag cohes structur fund european invest bank member state provid effici level public invest wide rang educ train undertak reform improv educ standard encourag sustain invest enterpris individu member state come year whilst ensur adequ level social protect step modernis social protect system fight poverti exclus view support broad lisbon object notabl employ order achiev inclus labour market cohes societi guidelin improv function market conduc privat invest region lag take step actual wage reflect product take account differ skill local labour market condit guidelin ensur public support includ eu sourc region lag focus invest human knowledg capit adequ infrastructur invest programm includ support eu sourc design administ effici maximis impact guidelin context strengthen oper cooper commiss european invest bank iii environment sustain promot effici manag natur resourc contribut increas current futur citizen futur econom growth place alongsid environment sustain promot effici natur resourc price reflect cost societi includ extern cost relat environment damag caus extract final dispos encourag adapt innov solut firm citizen member state environment technolog contribut growth employ common featur natur resourc clean air water defin ownership right case interest societi resourc manag sustain individu incent govern action successfulli de coupl econom growth environment degrad consumpt natur resourc environment sustain requir mix regulatori market base instrument environment cost econom activ gradual price scarc natur resourc paid quot pollut pai principl quot systemat appli govern intervent proportion target account factor distribut effect busi competit member state come year reduc sector subsidi tax exempt incent neg environment impact harm sustain develop ensur inter alia tax charg price extract applic discharg natur resourc water adequ reflect scarciti result environment damag reduc subsidi renew energi promot market instrument broaden coverag ensur differenti energi taxat deliv cost effect manner sustain mix level energi consumpt view promot energi effici increas time proport renew energi enhanc competit network interconnect energi market adjust system transport tax charg subsidi reflect environment damag social cost due transport reduc distort demand transport servic choic transport mode increas competit acceler regul market open transport mode freight railwai make competit renew effort meet commit kyoto protocol import member state present track meet commit end implement ec greenhous ga emiss trade scheme prepar immedi implement exist polici measur sector cover allow trade set system report polici measur prospect effect emiss measur reach target set subsequ european council notabl energi effici renew energi bio fuel euro area specif challeng growth euro area appear robust slow global economi deceler context global uncertainti fall asset price domest demand provid suffici buffer impact econom shock evid domest demand suffici robust initi stimulu extern side context growth potenti current level potenti growth euro area limit scope sustain high rate econom growth econom growth euro area expect gradual recov potenti effect recent shock fade econom outlook condit number assumpt kind risk materialis posit factor evid includ fall oil price inflat forecast assum growth remain weak recoveri gather strength half acceler challeng face euro area strengthen potenti growth cater balanc macroeconom polici monitor inflat differ strengthen econom polici coordin strengthen potenti growth structur reform essenti order meet challeng euro area reinforc confid increas growth potenti introduc flexibl economi contribut macroeconom stabil structur reform area implement produc substanti benefit reduc adjust cost cater balanc macroeconom polici short run polici mix euro area support econom recoveri time safeguard long term sustain stabil current junctur import polici mix underpin confid consum investor impli remain commit medium term stabil medium term budgetari polici ensur fiscal posit consist prepar impact ag popul hand accomplish composit public expenditur revenu foster econom growth accord treati mandat escb pursu price stabil prejudic price stabil object support gener econom polici commun monitor inflat differ inflat differ member state matter fact monetari union rel price countri place exchang rate recent inflat dispers euro area larg reflect divers nation economi domest growth rate inflat differ due malfunct product labour market inappropri polici inflat differ monitor undesir address member state lever strengthen econom polici coordin euro euro area extern balanc price stabil euro area common good impli stronger macroeconom structur polici coordin euro area improv euro area resili shock improv growth potenti perform preserv macroeconom stabil polici conduc inflationari growth reli coher formul macroeconom polici respect mandat independ relev polici actor ensur compat object aim common assess underli econom situat budgetari author safeguard credibl rule base framework fiscal polici implement transpar forese manner stronger focu put implement member state open peer pressur benchmark provis practic area structur polici foster harmoni econom develop essenti close coordin econom polici euro area polici actor continu fruit dialogu involv social partner macroeconom dialogu plai import role intern level grow import euro area call higher visibl strengthen relev coordin mechan speak voic commensur econom financi weight fora specif recommend euro area meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin polici actor nation level recommend contribut polici mix compat price stabil enhanc confid busi consum short run econom growth close potenti medium term maintain budgetari posit close balanc surplu econom cycl cyclic adjust term long achiev measur ensur annual improv cyclic adjust budget posit gdp countri excess deficit correct treati analys inflat differ identifi instanc undesir view member state address lever deepen analysi discuss econom develop polici requir includ polici mix exchang inform focu implement strengthen extern represent euro area term commun visibl improv effici exist coordin procedur area structur reform aim strengthen euro area growth potenti resili shock intensifi structur reform rais potenti growth ii countri specif econom polici guidelin belgium robust econom perform regist belgium recent year gener econom downturn sharp impact economi belgium real gdp growth deceler progress upturn activ foreseen strengthen forthcom year potenti output estim belgium made consider progress budgetari adjust past year current unfavour macroeconom context requir addit effort implement commit budgetari consolid recent path reduct govern debt ratio deceler due lower econom growth neg impact financi oper view futur budgetari cost ag popul fast reduct govern debt central import belgium improv function labour market necess make contribut budgetari adjust product market reform need order improv competit product challeng face belgium ensur continu budgetari adjust forthcom year view ensur long term sustain public financ face popul ag increas low particip employ rate older worker women improv incent work enhanc competit servic sector continu increas effici public administr improv busi environ ensur continu budgetari adjust forthcom year view ensur long term sustain public financ face popul ag challeng reduc high debt ratio gdp prepar budgetari cost ag popul requir sustain sound budgetari polici long run strategi belgium polici maintain high primari surplus expect provid leewai cover ag relat budgetari cost effort sustain long run failur maintain primari surplus suffici high level risk unsustain public financ avoid come year budgetari polici face challeng maintain control govern primari expenditur limit increas real term provid cost need reform budgetari object context budgetari effort aim reduc govern debt ratio support polici improv labour forc particip rais low employ rate increas low particip employ rate older worker women improv incent work employ rate grow steadili half nineti percentag point eu averag eu employ target employ rate older worker year lowest rate european union percentag point eu averag measur suffic reach eu target challeng pose ag popul suggest measur aim mobilis occupi potenti labour forc increas employ particip rate notwithstand recent measur address problem benefit depend reduc risk quot unemploy trap quot sizeabl number work ag benefit recipi employ work disincent current unemploy benefit scheme call review order tackl high share long term unemploy remain major structur problem linguist barrier high hous registr cost wage compress contribut persist dispar geograph area reduc incent mobil enhanc competit servic sector continu increas effici public administr improv busi environ competit remain limit network industri local servic lead high consum price local phone call electr network industri difficulti competitor access network physic bottleneck histor link public author contribut maintain market power incumb local servic link local public author privat partner notabl inter municip trust lack transpar spite larger institut power competit author remain understaf effect independ sector regul secur recent past measur reduc administr burden compani improv effici public administr help creat busi friendli environ plan carri reduc cost administr procedur involv creat compani quot copernicu quot plan aim modernis feder administr impact plan fulli materialis countri specif recommend belgium meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order ensur continu budgetari adjust forthcom year view ensur long term sustain public financ face popul ag belgium recommend ensur govern debt ratio sustain declin trend satisfactori pace maintain high primari surplus gl limit real expenditur increas entiti feder govern social secur alloc proce stem higher expect econom growth improv budgetari posit matter prioriti strengthen exist strategi order prepar budgetari implic popul ag reduc debt level address low effect retir ag pursu reform pension system strengthen effort financ ag fund gl rec belgium vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti ensur long term sustain public financ address effect ag popul import belgium increas low particip employ rate older worker women improv incent work belgium recommend step reinforc measur postpon retir labour forc combin remov incent earli retir gl enhanc prevent activ measur older worker continu progress make work pai elimin major distort work incent aris interact tax benefit system gl rec order enhanc competit servic sector continu increas effici public administr improv busi environ belgium recommend line gl measur enhanc effect competit network industri local servic line gl improv public administr context ongo reform pursu reduct administr burden compani gl denmark danish economi year oper close potenti growth rate real growth rate averag year period economi benefit larg reduct unemploy labour forc larg part reduct view structur replic fall unemploy come year demograph result lower growth work ag popul potenti growth rate expect reduc larg reduct unemploy decad posit impact public financ surplu achiev year danish economi continu good shape lower potenti growth rate address number longer term structur issu order maintain sustain fiscal polici continu achiev solid surplus public financ achiev trigger fiscal tighten stage increas labour suppli mean reduc expenditur increas tax revenu price level continu highest eu partli reflect lack competit sector room improv effici public sector challeng face denmark ensur adequ labour suppli view ag popul enhanc competit sector improv effici public sector ensur adequ labour suppli view ag popul employ rate high denmark lisbon target eu includ women older worker order maintain sustain current fiscal polici strategi prepar impact ag popul public financ safeguard growth potenti increas labour forc particip rate reduc unemploy rate implement reform expect gener increas contribut achiev govern target surplus gdp mean prepar impact ag public financ field activ labour market polici regard oblig job activ measur benefit system retir scheme tax reform announc recent purpos lower tax earn incom contribut increas labour suppli reform need ensur mark increas high labour forc particip employ rate sourc potenti labour suppli increas includ integr immigr labour market faster channel student educ system effort improv labour market attach senior worker improv number peopl labour forc number hour work person encourag addit tax benefit reform reduc high margin tax rate tighten condit earli retir combin estim show reduct kind tax rate mark impact labour suppli consider addit tax reform account framework sound public financ regard increas retir ag consider improv incent continu work withdraw earli work forc enter earli retir instrument chosen respect reason focu labour suppli sustain public financ order achiev surplus public financ increas labour suppli strict expenditur control continu order prevent slippag jeopardis target enhanc competit sector improv effici public sector continu effort enhanc competit contribut lower danish price level highest eu improv product eu averag competit weak number industri instanc energi sector hous construct beverag can number tradabl servic full liberalis energi market contribut competit lower price economi danish public sector largest eu substanti effort made improv effici denmark rate openli advertis public procur eu averag public entiti sole produc area public servic remain extent recent reform extend consum choic public servic increas competit privat sector effici increas educ sector oecd pisa studi show poor result denmark high educ expenditur countri specif recommend denmark meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin denmark vigor implement employ recommend rec deal employ issu greater detail order prepar impact ag popul public financ safeguard growth potenti denmark recommend continu effort increas labour suppli notabl effort make work pai increas incent join remain labour forc postpon retir ensur implement tax reform addit step tighten elig rule reduc margin tax framework sound public financ gl rec ensur expenditur control level govern multi annual target public consumpt growth respect gl order enhanc competit sector improv effici public sector denmark recommend line gl step effort enforc competit sector competit inadequ gl continu effort increas effici public sector inter alia improv framework condit increas competit promot benchmark public sector effici increas public tender gl germani boom caus unif germani experienc lower growth rate mid nineti comparison european countri histor rate stagnat partli link cost effect unif gradual entrench gdp growth remain year row germani low growth potenti compar rest eu result structur adjust aftermath reunif rigid labour market regulatori burden low popul growth low growth problem spill field public financ tax social secur revenu shortfal led germani breach treati deficit criterion time approach chosen correct excess deficit larg extent increas tax social secur contribut hamper short term growth prospect parliamentari speech march chancellor schröder outlin element broad base reform agenda constitut import step solv germani structur problem solut difficult state public financ found independ address root low growth vice versa reach reform social secur system suffici equip deal consequ popul ag imper kei challeng address remedi rais low econom growth potenti address sustain public financ challeng face germani promot job creation adapt mobilis unutilis employ potenti increas product improv busi environ effici educ system reduc rapidli gener govern deficit gdp govern financ steadi consolid path secur long term viabil pension health care system promot job creation adapt mobilis unutilis employ potenti employ rate germani close eu target employ rate women exce intermedi eu target older worker remain low level reach germani good record emploi young peopl contrast sever lack job opportun low skill worker elderli worker peopl live disadvantag region notabl east larg job deficit eastern länder risk region dispar labour market widen emploi aforement group evid provid substanti growth impuls strengthen public financ structur factor import labour market germani suffer sever unemploy inact trap low wage earner recent introduct quot gleitzon quot import measur increas attract low paid work tax benefit reform follow recent strengthen benefit sanction trigger higher transit unemploy inact effect incent activ job search includ sector region mobil earli assess labour cost low skill worker peopl depress region risk exceed product level due applic coordin tariff wage flächentarifvertrag social partner possibl account region sector specif differ includ open claus contract sector specif wage contract legal bind compani agre rule compani member respect employ associ agreement declar gener applic govern reduc wage trial period job entrant disadvantag region imped wage contract call quot günstigkeitsprinzip quot open claus exist seldom appli west reintegr unemploi worker made difficult ineffici larg scale activ labour market programm almp insuffici target measur earli effect recent effort improv evalu almp increas product improv busi environ effici educ system low labour input growth accompani parallel declin product growth busi invest recent year high regulatori burden remain barrier competit consider progress made context hartz reform labour market remain heavili regul employ protect legisl rule control entri craft liber profess review addit complex part tax code govern continu simplifi code final legal restrict unnecessarili hinder competit retail energi network access fee remain high subject post control evid open public procur prospect diminish labour forc level qualif import germani rais product order maintain live standard pisa oecd studi highlight poor perform german secondari school addit long univers studi time long stand problem reform educ system constitut import element tackl unemploy low skill make larg share unemploi reduc rapidli gener govern deficit gdp govern financ steadi consolid path gener govern deficit gdp exceed respect treati criterion januari ecofin council decid excess deficit exist germani recommend german author implement measur amount percentag point gdp bring excess deficit end latest budget consolid contribut improv gener busi climat increas germani growth potenti addit structur reform rais germani low growth potenti steadi declin debt ratio complianc proclaim target close balanc budgetari posit germani ask council implement urgent reform labour market social secur benefit system gener reduc regulatori burden economi secur long term viabil pension health care system germani social secur system financ pai basi consequ pension health care system difficulti cope problem ag popul present rule remain unchang social secur contribut highest europ rise substanti decad exacerb burden caus high unemploy depress growth step german govern privat fund pension system riester rent employe made possibl effort need ensur long term financi sustain context ongo process modernis adapt pension system chang circumst govern initi review financ develop social secur scheme independ expert group health care system increas strain recent year due sluggish develop revenu insuffici cost control absenc econom incent cost save reorient health care system discuss govern aim ensur financi sustain health care system inter alia strengthen competit element focuss qualiti health care provid concern long term sustain public financ press germani debt gdp ratio remain threshold clear downward trend establish countri specif recommend germani meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin germani vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti ensur long term sustain public financ address effect ag popul reduc region dispar import germani promot job creation adapt mobilis unutilis employ potenti germani recommend continu reform tax benefit system gl rec order ensur suffici incent work move higher incom bracket firmli enforc condition benefit activ job search measur ensur wage reflect product differ skill region gl notabl review günstigkeitsprinzip allow temporarili lower payment job starter carri forward reform improv effici almp job search assist reform almp cost effect criteria target person prone risk long term unemploy gl iv rec order increas product improv busi environ effici educ system germani recommend line gl encourag busi invest grow creat competit environ gl reduc regulatori administr burden gl inter alia lower effect degre employ protect gl carri reform contribut improv educ achiev elimin persist skill shortag gl order reduc rapidli gener govern deficit gdp govern financ steadi consolid path germani recommend ensur rigor budget execut implement announc compensatori measur amount gdp put end present excess deficit situat latest gl lower cyclic adjust deficit percentag point gdp end order secur long term viabil pension health care system germani recommend promot supplementari pension scheme strengthen incent retir gl increas effici health care sector introduc econom incent health care provid recipi greec greek economi continu expand high rate advers intern econom condit real gdp growth expect remain eu averag reach slightli potenti growth rate econom activ boost privat public invest prepar olymp game commun support framework order exce remain potenti level structur reform need high growth rate rise cost creat price pressur spite strong growth fall interest rate govern debt ratio reduc significantli fact debt ratio declin slow pace increas due reclassif larg financi oper previous exclud budgetari account situat labour market improv slow pace notwithstand strong job creation employ growth satisfactori unemploy fell labour forc remain high level interplai rigid labour product market late develop knowledg base societi due low level invest human capit research imped increas labour product level acceler catch process greec consolid public financ order reduc high govern debt ratio satisfactori pace structur problem labour product market address order reduc high unemploy rate improv product enhanc effici function economi challeng face greec ensur long term sustain public financ face popul ag view high govern debt ratio increas low level product problem function labour product market low invest human capit late develop knowledg base societi reduc high rate structur unemploy increas employ rate women ensur long term sustain public financ face popul ag view high govern debt ratio budgetari adjust improv govern balanc achiev previou year debt ratio declin line gdp growth budget deficit develop fact debt ratio increas revis requir eurostat stood gdp larg financi oper partli outweigh posit impact primari surplu govern debt primari surplu expect risen slower pace govern deficit estim equal gdp compar high growth rate output constitut solid base improv govern balanc turn budget deficit surplu limit public consumpt spend order free resourc product high debt ratio paramount import high debt ratio control put risk sustain public financ longer run financi pressur stem ag popul expect aris effort undertaken pension reform larg project increas public spend pension high start posit suggest effort requir increas low level product problem function labour product market low invest human capit late develop knowledg base societi level labour product rise strongli recent year remain lowest eu explain low level invest amp low albeit grow level ict diffus low level educ attain popul result lack skill worker addit larg percentag small micro domest firm partial due distort creat labour market legisl taxat contribut low invest amp innov busi environ kei improv effici product market competit network industri limit electr ga sector vertic integr incumb continu domin market recent measur simplifi regulatori environ taxat system busi dynam continu hinder complex procedur lack effici public administr transposit rate intern market direct lowest eu reduc high rate structur unemploy increas employ rate women greec employ rate consider target set european council women unemploy fell consecut year remain eu averag unemploy rate women doubl rate men youth unemploy remain high labour market rigid hamper flexibl function labour market wage format system greater differenti product skill remain complex tax system recent improv high social secur contribut stringent employ protect legisl import obstacl hire limit impact reform aim promot flexibl form employ point fact employ readi recours flexibl inform economi reform public employ servic essenti address high level long term unemploy delai countri specif recommend greec meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order ensur long term sustain public financ face popul ag view high govern debt ratio gl greec recommend ensur govern debt ratio sustain declin trend satisfactori pace maintain high primari surplus gl ensur effect control govern current primari spend address resolut problem inelast element expenditur gl wage bill public resourc effect aim improv labour product enhanc work capac unemploi gl continu reform social secur system pension system gl order avoid budgetari strain futur due problem ag popul order increas low level product problem function labour product market low invest human capit late develop knowledg base societi greec recommend line gl step effort increas avail skill human capit continu promot busi involv amp innov improv ict diffus gl rec enhanc competit energi sector gl continu simplifi busi taxat environ rais transposit rate intern market direct gl greec vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti ensur long term sustain public financ address effect ag popul import greec reduc high rate structur unemploy increas employ rate women greec recommend improv work incent reduc wage cost improv transfer pension right order encourag increas employ formal sector includ part time work gl rec promot wage bargain process ensur wage reflect product differenti gl implement labour reform packag improv balanc flexibl secur ensur effect implement reform aim modernis work organis review unduli restrict labour market regul gl rec spain spain econom perform remark strong half growth rate close averag significantli exceed euro area medium term potenti rate estim contrari previou downturn posit growth differenti maintain slowdown began perform underpin unpreced employ creation monetari condit accommod downsid inflat remain persist higher averag euro area measur product growth declin highlight continu structur reform process enhanc competit flexibl maintain converg higher incom economi eu spain gdp capita remain lower eu averag spanish economi consolid improv perform labour market reduc unemploy dispar region rais labour forc particip turn growth support increas product encourag amp human capit format enhanc competit sector achiev object underpin fiscal consolid regist recent year risk futur public financ imbal result delai steep impact ag exclud ensur long term sustain public financ addit initi undertaken public pension system major reform includ strengthen link contribut benefit challeng face spain rais low employ rate women reduc wide region labour market dispar increas low level product includ strengthen knowledg base economi term educ attain skill level invest amp innov perform ensur long run sustain public financ face popul ag rais low employ rate women reduc wide region labour market dispar notwithstand great effort progress made labour market reform recent year unemploy rate reduc percentag point unemploy rate remain significantli eu averag employ rate remain eu averag reduct unemploy greater women men femal unemploy rate doubl men high employ creation unemploy unevenli distribut region wage set take account practic substanti product differenti index claus wage negoti creat ineffici alloc labour labour market remain heavili segment employe perman contract larg number fix term contract turn share part time job employ remain low geograph labour mobil extent promot recent labour market incom tax reform limit partli account structur obstacl notabl poor function hous market addition public employ servic lack organis resourc administ target activ labour market measur unemploy benefit system base job seeker individu commit activ increas low level product includ strengthen knowledg base economi term educ attain skill level invest amp innov perform product spain eu averag growth modest half part result strong increas employ concentr low product activ educ level low low busi invest amp barrier faster product growth low patent rate insuffici invest commerc indic weak innov product growth constrain insuffici competit sector notabl retail trade electr promis initi recent undertaken increas competit electr sector earli assess impact major vertic integr incumb monopoli respect region market import capac remain low ensur long run sustain public financ face popul ag spain case manifest countri long term budgetari implic ag public pension area health expenditur special concern studi point steep increas depend ratio impli grow budgetari impact strengthen long term sustain remain primari concern framework ambiti prong strategi respect recent measur aim reduc debt burden evolut prolong work life rais particip rate complement reform public pension system kei paramet number contributori year ag retir replac ratio remain unchang weak relationship contribut benefit countri specif recommend spain meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin spain vigor implement employ recommend rec deal employ issu greater detail order rais growth capac ensur long term sustain public financ address effect ag popul reduc region dispar import spain rais low employ rate women reduc wide region labour market dispar spain recommend continu encourag increas labour market particip women includ higher provis childcar facil promot greater part time contract rec encourag reform wage set order reflect product take account product differ skill local labour market condit econom circumst firm level phase index provis collect agreement gl reform employ protect legisl reduc segment labour market type contract gl rec continu facilit geograph mobil worker remov fiscal distort includ promot rental market hous remov rigid avail land develop gl rec order increas low level product includ strengthen knowledg base economi term educ attain skill level invest amp innov perform spain recommend line gl step effort increas skill human capit invest amp innov ict diffus gl continu measur enforc effect competit sector retail distribut gl pursu ongo effort reduc administr burden busi monitor close develop electr market gl order ensur long run sustain public financ face popul ag spain recommend complement recent initi take step implement major reform pension system strengthen link contribut benefit control long term increas pension expenditur link foreseen demograph gl franc year french economi grew faster pace main european partner perform larg attribut strong job creation number year reflect structur improv labour market accommod budgetari polici recent commiss calcul potenti real gdp growth hover slightli slightli averag eu countri slow decreas underli inflat month suggest economi oper potenti quarter come year potenti output start neg impact develop demograph structur scope support potenti growth structur reform labour market mean increas labour market particip reduc structur unemploy product market improv effect competit kei network industri strengthen effort fiscal consolid creat room diminish tax burden weigh labour cost invest contribut rais potenti output mark deterior cyclic adjust budgetari posit contribut deficit threshold limit gdp consolid govern financ constitut major urgent challeng french author pursu budgetari consolid essenti view impact ag popul public financ challeng face franc reduc rapidli gener govern deficit gdp govern financ steadi consolid path increas labour market particip reduc structur unemploy ensur long term sustain public financ face popul ag ensur competit network industri acceler adopt intern market measur order creat level plai field reduc rapidli gener govern deficit gdp govern financ steadi consolid path gener govern deficit reach gdp franc commiss adopt opinion exist excess deficit franc june council decid excess deficit exist franc adopt recommend franc view bring end excess deficit situat council recommend french author put end present excess deficit situat rapidli latest accord articl council regul ec establish deadlin octob french govern measur end subsequ approv budget govern measur control state expenditur put eur billion gdp reserv eur billion gdp cancel march health expenditur french govern step encourag control instanc wider gener medicin nonetheless measur improv suffici cyclic adjust budgetari posit year recommend council consequ current context subdu growth gener govern deficit exce gdp ceil franc debt gdp ratio revers rise trend compli treati refer view develop take account budgetari burden aris ag popul start increas rapidli onward budgetari consolid franc strong prioriti increas labour market particip reduc structur unemploy kei medium term challeng french economi continu structur problem labour market human resourc recent progress utilis franc low employ rate low employ rate older worker lowest eu context ag popul reduct statutori work hour challeng encourag labour forc particip improv particip rate achiev tax benefit reform reform earli retir scheme pension system franc continu reduc high rate structur unemploy mismatch suppli demand pose recruit problem sector reduct labour cost low wage earner pursu labour market regul review simplifi enforc employ protect ensur long term sustain public financ face popul ag govern financ challeng caus ag popul urgent address current condit avoid rapid increas deficit pension system project epc increas percentag point gdp requir substanti increas social secur contribut develop increas consider burden labour strong neg impact labour market govern commit implement reform pension system end half consult social partner reform ensur sustain public financ long term reform contribut inter gener fair equit treatment scheme health sector recent adopt structur measur design curb dynam spend expenditur project increas notabl year govern intent decid reform health sector semest concern long term sustain public financ press franc debt gdp ratio breach threshold improv busi environ ensur competit network industri acceler adopt intern market measur order creat level plai field measur aim increas degre market open recent announc competit segment electr ga market remain weak market fulfil legal open requir eu direct market share incumb decreas averag european countri busi creation growth hinder exist complex social fiscal procedur simplifi measur implement franc express commit increas rate transposit intern market direct continu worst record eu member state transpos implement direct countri specif recommend franc meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order reduc rapidli gener govern deficit gdp govern financ steadi consolid path french author recommend achiev significantli larger improv cyclic adjust deficit plan implement measur ensur cyclic adjust deficit reduc gdp larger amount ensur cumul improv bring nomin deficit latest limit increas gener govern gross debt gdp ratio franc vigor implement employ recommend rec deal employ issu greater detail order increas potenti growth ensur long term sustain public financ address effect ag import franc increas labour market particip reduc structur unemploy franc recommend ensur unemploy insur system fulli implement includ requir effect incent search job gl rec order ensur long term sustain public financ face popul ag franc recommend undertak urgenc comprehens reform pension system gl aim ensur financi sustain increas effect retir ag adapt pension system flexibl employ career pattern individu monitor close effici measur undertaken curb dynam spend health sector reduc sustain level introduc measur achiev object context reform envisag gl order ensur effect competit network industri acceler adopt intern market measur order creat level plai field franc recommend pursu effort ensur competit energi market ga electr sector gl sustain effort reduc simplifi busi regul gl rais transposit rate intern market direct bring number infring proceed gl ireland irish econom growth averag spectacular period concomit impress rise employ averag made signific increas labour forc particip dramat drop unemploy revers tradit net emigr pattern onward sourc labour suppli except economi increasingli suffer suppli constraint labour infrastructur late nineti result line worldwid downturn pace expans slow markedli onward forward ireland benefit strongli expect global recoveri account high degre open era doubl digit growth end irish potenti growth medium term exce doubl eu view continu time higher labour forc growth stronger product gain creat stabl macroeconom condit facilit adjust slower pace expans preserv success achiev past boom ensur econom potenti exploit full structur measur strengthen suppli side economi inflationari pressur challeng face ireland achiev smooth transit doubl digit econom growth late lower sustain growth year ahead ensur stabl macroeconom condit strengthen suppli side economi achiev smooth transit doubl digit econom growth late lower sustain growth year ahead ensur stabl macroeconom condit strengthen suppli side economi rapid growth previou decad public financ posit labour market situat improv consider gener govern balanc surplu debt ratio lowest eu forward implement public invest programm social health spend initi reflect moder econom revenu growth improv monei public servic deliveri build recent measur improv expenditur manag control strong employ growth brought unemploy rate increasingli tight labour market led high rate inflat wage growth maintain full employ aim recent negoti social partnership agreement requir prudent flexibl wage develop measur strengthen suppli side economi reform broad area appear promis order boost suppli side suppli constraint experienc infrastructur front address framework nation develop plan output infrastructur programm plan target primarili rise construct land acquisit cost spite high proport ict ad economi amp spend low ireland gdp ireland product benefit measur rais amp spend progress made remain insuffici degre competit sector irish economi network industri servic sector profession servic retail distribut insur countri specif recommend ireland meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin ireland vigor implement employ recommend rec deal employ issu greater detail order achiev smooth transit doubl digit econom growth late lower sustain growth year ahead ensur stabl macroeconom condit strengthen suppli side economi ireland recommend enhanc effici public expenditur improv revenu expenditur plan stabil orient medium term framework build rang measur recent introduc improv plan manag control expenditur gl encourag social partner adher prudent flexibl wage norm adapt product skill differenti time safeguard competit gl prioritis roll infrastructur element nation develop plan preserv budgetari stabil pursu polici measur rais level amp gl increas competit network industri sector economi retail distribut includ liquor trade insur profess gl itali itali econom growth gener lag eu earli growth differenti narrow cyclic slowdown inter alia restrict polici mix effect labour market reform rate potenti output growth estim euro area averag weak growth consum price inflat typic higher euro area signal structur weak disappoint growth perform slacken fiscal adjust effort hamper structur consolid public financ light itali high debt ratio pace debt reduct acceler ongo wage moder import reform step start significantli improv perform labour market push rate unemploy end rise contribut labour econom growth coupl mark slowdown product partial due increas particip low skill labour servic sector spite signific improv past year particip rate lowest eu itali main problem remain low growth potenti kei factor hold back potenti growth includ unresolv condit public financ persist region gap term larg share inact unemploi work ag popul south drag total factor product low level educ amp invest challeng face itali rapidli consolid public financ ensur long term sustain public financ face popul ag rais low employ rate women older worker reduc wide north south econom dispar strengthen knowledg base economi term educ attain skill level invest amp innov perform continu improv busi environ enhanc competit energi servic sector rapidli consolid public financ run creation emu immedi itali fiscal account improv remark recent year fiscal consolid slow inter alia due markedli lower expect growth seri tax reduct reduc primari expenditur prove problemat late earli author adopt tighter control transpar spend procedur lead improv futur year ongo decentralis requir addit measur enforc fiscal respons level govern maintain adequ level interregion transfer year recours substanti sale publicli own real asset arrai tax amnesti transitori measur stave risk breach gdp deficit threshold replac fundament action medium term object cyclic adjust budget balanc critic place public financ sustain foot debt ratio remain gdp fiscal implic sever ag popul loom acceler fiscal consolid reduc debt present high debt servic cost creat margin improv qualiti expenditur ensur long term sustain public financ face popul ag itali major step reform pension system avert unsustain expenditur trend advers demograph project ag relat expenditur healthcar pension project rise slightli decad design account effect life expect long term growth rate economi system subject signific financi imbal event advers demograph econom event context high debt ratio creat tight constraint fiscal polici sustain primari surplus maintain long period doubt remain abil announc social secur system promot privat fund pension scheme address exist critic issu public pension system long transit contribut base system effect start call pillar plan reduct contribut newli hire worker rais low employ rate women older worker reduc wide north south econom dispar improv recent year remain import gap employ rate itali eu averag women older worker nation target set area larg share unutilis human resourc chiefli reflect persist larg region gap north record high particip rate full employ side south characteris low particip high unemploy rel gap persist absolut perform improv north south hide larg share undeclar work region pattern employ unemploy similar region product differ suggest exist wage bargain system insuffici flexibl take account region differ addit lower product south reflect lower endow infrastructur major weak labour market imbal limit system unemploy benefit underdevelop activ labour market polici phenomenon increas flexibl labour contract increas risk dual labour market structur mitig risk legg biagi introduc measur limit danger precari job social exclus pursu increas flexibl margin inter alia introduct labour contract liberalis employ servic final implement long stand plan lifelong learn strategi reform public servic lag strengthen knowledg base economi term educ attain skill level invest amp innov perform progress knowledg base economi itali remain earli stage educ level remain low avail skill human resourc recent measur adopt address issu itali rank low area internet commerc access busi innov weak busi amp expenditur rel gdp patent applic rel popul reach bare half eu averag larg relianc italian economi small medium size enterpris contributori factor compani lack critic mass carri activ continu improv busi environ enhanc competit energi servic sector measur reduc red tape improv busi environ administr procedur busi remain costli time consum contribut make italian busi sector dynam member state measur indic net busi creation effect liberalis energi sector proceed electr market incumb domin posit declin parti access network legal free remain difficult contribut electr ga price remain highest eu competit servic sector introduc slowli notabl area profession servic local public servic final rate transposit intern market direct deterior number infring proceed open european court justic worst eu countri specif recommend itali meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order rapidli consolid public financ itali recommend medium term budget posit close balanc surplu achiev ensur reduct cyclic adjust deficit gdp year gl replac measur measur perman charact strengthen polici coordin level govern ensur adequ transpar enforc mechan fiscal disciplin provid clear sourc financ region spend financ reduct tax burden structur cut current primari expenditur comprehens reform plan expenditur revenu side order ensur long term sustain public financ face popul ag itali recommend ensur debt ratio diminish satisfactori pace gdp threshold gl adopt measur address critic issu public pension system gl long transit period contribut base system system design deal advers demograph shock promot supplementari privat fund pension scheme itali vigor implement employ recommend rec deal employ issu greater detail order increas growth capac ensur long term sustain public financ address effect ag popul reduc region dispar import itali rais low employ rate women older worker reduc wide north south econom dispar itali recommend encourag increas labour forc particip women includ adequ provis child care facil older worker step reinforc measur target postpon retir labour forc gl rec reform employ protect legisl gl order facilit job creation adapt reduc segment labour market type contract firm size time increas resourc improv effici unemploy benefit social assist system gl rec encourag social partner move decentralis wage set mechan wage reflect product condit individu skill level gl order strengthen knowledg base economi term educ attain skill level invest amp innov perform itali recommend pursu effort undertaken rais educ skill base popul increas invest amp innov promot higher ict measur target small medium enterpris gl order continu improv busi environ enhanc competit energi servic sector itali recommend line gl improv busi environ reduc administr burden busi gl increas effect competit servic sector widen open energi market improv implement intern market direct gl luxembourg luxembourg enjoi high rate real gdp growth open economi luxembourg experienc sharp slowdown larg extent due extern environ econom downturn expect lead worsen public financ lag budget surplu gdp estim decreas gdp deficit forecast situat govern financ luxembourg remain favour view low level debt exist budgetari reserv face prospect lower rate econom growth experienc luxembourg attempt rais product potenti ensur stabil orient macroeconom polici basi sustain growth order promot growth maintain sound public financ increas labour suppli mean reduc expenditur increas tax revenu boost product potenti luxembourg primarili address kei challeng area labour market product market reform challeng face luxembourg increas low nation particip employ rate older worker improv busi environ encourag entrepreneurship order achiev balanc econom structur increas low nation particip employ rate older worker labour forc particip luxembourg eu averag particip rate older worker low employ growth cross border worker increas particip nation prime ag women virtual progress achiev employ rate older worker measur undertaken aim increas incent remain workforc mobilis part unutilis nation employ potenti great import enhanc labour suppli provid impetu growth postpon withdraw labour market decreas benefit depend reduc public expenditur benefit pension incent remain labour forc improv reform earli retir pre retir scheme effect latest revis disabl pension scheme close monitor improv busi environ encourag entrepreneurship order achiev balanc econom structur regul luxembourg economi fairli high notabl price reform aim modernis competit framework implement whilst high open luxembourg bring competit abroad reform adapt domest competit polici follow maintain benefit competit econom condit decad luxembourg economi develop high degre specialis financi servic situat benefici employ growth make luxembourg vulner futur sector specif shock accent develop small medium size enterpris strengthen kei sector financi servic diversifi economi facilit foreign direct invest contribut decreas depend rais labour forc particip employ rate countri specif recommend luxembourg meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin luxembourg vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti import luxembourg increas low nation particip employ rate older worker luxembourg recommend review incent earli pre retir ensur elig rule disabl pension scheme gl rec order improv busi environ encourag entrepreneurship achiev balanc econom structur luxembourg recommend fulli implement reform competit law ensur competit regulatori author suffici independ resourc power fulfil task gl measur encourag facilit creation sme access ventur capit gl netherland mid netherland enjoi rate real gdp growth exceed eu averag harmonis unemploy rate declin substanti lowest level eu onward economi experienc mark econom slowdown led signific worsen public financ delai deterior labour market expect econom recoveri mute govern financ project deterior wake unfavour macroeconom situat real gdp growth expect remain growth rate potenti econom growth estim slow compar rest eu weaken growth potenti reflect number factor includ high incid peopl reli social secur benefit demograph trend low level competit sector hold back labour suppli product loss extern competit partli attribut sharp wage increas insuffici busi invest amp innov past year face prospect lower rate econom growth experienc netherland attempt rais product potenti ensur stabil orient macroeconom polici basi sustain growth end netherland address kei challeng kei challeng address sustain public financ relat reform labour product market intend mobilis utilis resourc increas competit product mean enhanc econom growth challeng face netherland pursu budgetari adjust come year face weaker potenti growth budgetari cost ag draw inact peopl labour market tackl slow product growth stem inter alia low level competit sector insuffici busi invest amp pursu budgetari adjust come year face weaker potenti growth budgetari cost ag situat public financ netherland deterior recent favour start posit larg due sharp econom slowdown nomin cyclic adjust gener govern deficit estim gdp present difficult assess fiscal polici come year govern form parliamentari elect januari absenc polici govern balanc expect deterior come year budgetari adjust need achiev maintain budgetari posit close balanc surplu import govern expenditur brought line revenu basi reflect expect slowdown potenti rate real gdp growth draw inact peopl labour market favour labour market situat inact netherland high concern high number peopl disabl benefit unemploy trap social benefit scheme continu creat disincent peopl work substanti size untap reserv labour illustr number benefit claimant labour forc receiv unemploy social benefit receiv disabl benefit improv employ rate depend continu growth femal employ stronger activ older person minor mobilis unutilis potenti labour suppli primari import order increas employ provid substanti stimulu growth tackl slow product growth stem inter alia low level competit sector insuffici busi invest amp product growth slow netherland level fall eu averag partli attribut rapid employ growth labour hoard low product growth due low level competit sector low declin specialis netherland high medium high tech manufactur sector construct parliamentari committe found evid illeg price agreement network industri reform fatigu partli stem percept liberalis fail benefit consum slow progress tackl insuffici degre competit weak regulatori regim liberalis sector explain part benefit reform materialis fulli low invest amp act drag product growth netherland half busi invest amp eu averag neighbour countri belgium germani problem low level scienc technolog graduat ag provid princip sourc futur stock research countri specif recommend netherland meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order pursu budgetari adjust come year face weaker potenti growth budgetari cost ag netherland recommend continu govern expenditur defin ceil set real term consist budgetari posit close balanc surplu gl netherland vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti ensur long term sustain public financ address effect ag popul promot inclus labour market import netherland draw inact peopl labour market netherland recommend push forward reform benefit system order make work pai gl rec concentr benefit elig condition legisl implement plan reform disabl scheme pai attent inflow activ receiv benefit order tackl slow product growth stem inter alia low level competit sector insuffici busi invest amp netherland recommend line gl improv regulatori framework implement gl sector competit found inadequ construct profession servic promot technolog orient educ strengthen scienc industri link aim increas busi invest amp gl austria real gdp growth austria averag slightli higher eu potenti output growth estim declin eu averag potenti output growth austria estim compar eu averag fell averag eu project drop popul ag bare rise labour forc particip rate combin averag total factor product growth plai major role subdu prospect factor weigh public financ twofold impact low potenti growth tantamount forego revenu popul ag exert upward pressur spend expenditur cut break underli spend pressur tax burden remain high peak impli danger set motion viciou circl high tax burden slow growth order eas constraint public financ resum averag gain incom live standard austria seek strengthen incent hire work invest turn requir achiev maintain budgetari balanc lower ratio tax expenditur gdp main factor hold back austria growth potenti neg consequ labour suppli induc high social transfer ampl provis public servic combin budgetari effect popul ag result persist upward pressur public expenditur turn rise high tax burden labour time discourag labour forc particip labour demand addit feebl innov capac poor diffus technolog result weak technolog base remain fundament problem austrian economi public spend usefulli redirect growth enhanc item effici insuffici degre competit product market appear addit obstacl dynam growth challeng austria ensur sustain public financ face popul ag continu improv weak technolog base encourag busi amp innov strengthen develop effect competit sector ensur sustain public financ face popul ag austria pension system financ exclus pai basi recent measur aim strengthen privat fund system reform fairli moder benefit increas recent year long term sustain pension system risk view project popul ag advers demograph dynam exacerb year low actual averag effect retir ag low employ rate older worker fact employ rate exce eu target pension benefit calcul basi futur work year highest earn weak link contribut benefit current level pension spend share gdp highest eu present system remain unchang modifi margin high tax burden increas neg consequ labour suppli demand growth potenti decemb expert group pension reform commiss present comprehens report elabor option reform health care system recent measur spend increas financi strain concern long term sustain public financ press austria debt gdp ratio remain threshold clear downward trend establish continu improv weak technolog base encourag busi amp innov weak effect competit sector put pressur busi sector innov invest research develop level amp expenditur percentag gdp slowli increas eu averag share busi amp progress declin addit expenditur remain eu averag level ventur capit invest lowest eu low degre competit heavi relianc austrian economi small medium size enterpris contribut explain low level amp innov compani lack critic mass carri activ improv weak technolog base austria develop program offer financi fiscal incent innov coordin sme effort grow number patent good level tertiari graduat scienc technolog posit develop level tool strengthen develop effect competit sector late low degre open austrian economi long tradit reli social consensu regul involv social partner länder achiev reform act constraint competit framework economi face high concentr sector print media food retail drugstor insur furnitur retail network industri reform austrian law competit establish independ feder competit author recent develop creat competit environ competit author establish start investig juli build credibl record situat made difficult understaf addit sector regul telecommun sector lack power effect enforc decis lead long proceed court decis made effect countri specif recommend austria meet challeng outlin requir broad structur reform laid gener polici recommend gl part broad econom polici guidelin austria vigor implement employ recommend rec deal employ issu greater detail order ensur sustain public financ face popul ag austria recommend implement measur lead structur expenditur save lower level govern lower high tax burden secur cyclic adjust budgetari posit close balanc gl reform public pension system ensur sustain public financ gl link close level pension benefit life long contribut increas low averag effect retir ag ensur context incent work enhanc gl rec view rais labour market particip older worker order continu improv technolog base encourag busi amp innov austria recommend measur encourag busi research innov sme gl order strengthen develop effect competit sector austria recommend line gl increas resourc competit author measur enhanc effect enforc regul decis telecommun gl portug period econom growth averag driven strong domest demand econom activ deceler influenc cyclic weak europ develop accentu ongo correct macroeconom imbal emerg half notabl signific extern deficit unsatisfactori progress fiscal consolid lead major budgetari slippag measur notabl adopt rectifi budget repres step narrow abovement imbal weak intern develop adjust household demand contribut econom growth remain consecut year potenti growth estim percentag point eu averag posit growth differenti mislead larg reflect strong rise growth factor input accompani small gain total factor product low product growth portug structur problem low effici educ system insuffici competit low spend amp weak ict diffus combin high nomin wage growth portug competit gradual erod budgetari consolid strategi defin latest updat stabil programm rest larg extent success implement comprehens structur reform intent lower medium term total revenu gdp ratio reflect plan reduct corpor tax order strengthen intern competit portugues economi leav road open ensur budgetari consolid sustain basi restraint current primari expenditur growth turn requir implement structur reform major aim envisag reform enhanc growth potenti economi polici secur sustain improv total factor product challeng face portug acceler consolid public financ address strong dynam govern expenditur increas competit risk low effici educ system low amp spend low degre competit sector high nomin wage growth ensur long term sustain public financ face popul ag acceler consolid public financ address strong dynam govern expenditur period led budgetari slippag rate growth current primari expenditur consist nomin gdp half compat pursuit budgetari consolid buoyant domest demand boost tax revenu pattern budgetari consolid end deterior cyclic condit disappear dampen effect interest expenditur caus converg interest rate lower level prevail abroad budgetari consolid resum due usual lag implement structur adjust reli greatli adopt measur short term adopt recurr measur regain lost momentum budgetari consolid reinforc polici credibl bui time govern expenditur releas structur measur hold order acceler consolid public financ address strong dynam govern expenditur determin time implement structur reform measur announc januari updat stabil programm requir reform kei area notabl public administr educ healthcar social secur direct impact budgetari consolid reform instanc labour market indirect impact budgetari consolid foster effici resourc broaden tax base result success suppli side polici increas competit risk low effici educ system low amp spend low degre competit sector high nomin wage growth weak product perform high nomin wage growth contribut deterior observ portug extern competit labour product portug lowest eu grow slowli main reason low averag level educ attain younger ag group insuffici level invest amp innov busi sector weak ict diffus depriv portug import sourc product gain low leverag effect amp public financ privat invest amp innov sign ineffici nation research innov system insuffici competit network industri kei restraint nomin wage growth increas year year doubl eu wage moder notic recent year portug increas spend educ substanti recent year share earli school leaver upper secondari educ train highest eu breakdown educ expenditur main categori show high fraction wage bill compar develop countri suggest ineffici resourc recent progress level vocat train significantli eu averag prove difficult involv small enterpris nation programm design upgrad skill staff ensur long term sustain public financ face popul ag challeng pose long term sustain public financ reinforc secur fast pace debt reduct prior budgetari impact popul ag take hold crucial successfulli complet process budgetari consolid reach budget posit close balanc surplu envisag januari updat stabil programm portug sustain suffici step ensur sustain public financ supplement determin implement number structur reform order curb growth ag relat expenditur rais growth potenti economi countri specif recommend portug meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin portug vigor implement employ recommend rec deal employ issu greater detail order acceler consolid public financ address strong dynam govern expenditur portug recommend ensur govern deficit reduc plan cyclic adjust deficit lower gdp year order reach budget posit close balanc gl ensur deficit reduct obtain expenditur side firmli execut budgetari plan sector gener govern gl undertak structur reform area direct impact budgetari consolid notabl public administr educ healthcar social secur order increas competit risk low effici educ system low amp spend low degre competit sector high nomin wage growth portug recommend line gl promot stronger involv busi sector amp spend innov gl higher ict improv effici spend educ view inter alia rais qualif human resourc gl rec reduc substanti number earli school leaver insuffici level school train enhanc effect competit liberalis util energi sector creat competit environ increas transposit rate intern market direct gl encourag social partner secur wage moder allow wage increas account product skill differenti view improv competit gl order ensur long term sustain public financ face popul ag portug recommend increas effici healthcar system introduc wide rang measur strengthen market mechan rationalis demand gl adopt reform pension system worker gener govern sector secur long term sustain order progress align pension regim privat sector worker gl finland sustain effort produc inform commun technolog transform finland lead knowledg base economi world contribut alongsid market liberalis real gdp expand half annual rate potenti slump extern demand telecom sector caus output growth fall potenti domest demand hold activ move close potenti line improv extern condit current unemploy rate labour forc appear structur employ rate older worker risen rapidli trough percentag point lower employe factor fairli lengthi period spent educ ag popul obstacl reach govern target rais employ job elect period employ rate price level finland exce eu averag spite recent moder headlin inflat suggest defici competit shelter servic sector financ welfar servic requir fairli high level taxat difficult maintain view eros tax base enhanc tax competit keep heavi tax burden eas absenc expenditur overrun observ central govern spend challeng face finland reduc high level structur unemploy increas employ rate older worker enhanc competit sector improv effici public sector reduc high level structur unemploy increas employ rate older worker finland exce femal employ target eu lisbon target femal employ rate goal employ rate close reach difficult achiev due demograph constraint increas employ rate labour suppli requir older worker remain longer labour market unemploy rate fell percentag point peak unchang reflect sluggish econom activ estim nairu suggest regist unemploy rate structur measur recent introduc improv employ unemploi boost labour suppli older worker measur initi inter alia reduc high tax burden labour target activ labour market programm tighten elig rule earli retir abolish ceil accrual pension right step suffici step work opposit direct notabl gener unemploy benefit allow access unemploy pension scheme continu phase period measur pension reform appear protract delai posit impact reform pension expenditur enhanc competit sector improv effici public sector enhanc competit lower finnish price level highest eu improv product eu averag high price level partli explain high indirect tax remot countri low popul densiti investig nation competit author point lack competit sector network industri feebl level labour product countri advanc transit knowledg base economi due larg public sector limit competit provis public servic govern report show potenti effici gain public sector larg posit effect sustain public financ strong econom activ half gener sizeabl revenu corpor capit incom recent return normal provid leewai addit public spend slippag govern spend target hand relianc exception high tax intak hand risk current healthi financi posit central local govern financ effici current resourc contain govern spend provid leewai respond pressur maintain level financ current servic countri specif recommend finland meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin finland vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti import finland reduc high level structur unemploy increas employ rate older worker finland recommend improv incent tax benefit system make work pai address combin effect older worker continu reform elig criteria improv administr benefit system target tax measur low paid labour gl rec seek possibl ensur wage bargain system wage reflect product differ skill order improv job prospect low skill unemploi gl order enhanc competit sector improv effici public sector finland recommend line gl step effort enforc competit network industri tradabl servic gl make effort increas effici public sector inter alia improv framework condit increas competit promot benchmark public sector effici increas public tender gl improv mechan control spend ensur complianc rule expenditur gl sweden sweden experienc high econom growth recent year shown resili weak level global activ unemploy remain low public financ sound sound fiscal posit permit sweden eas fiscal stanc order counter downturn swedish fiscal strategi sustain high surplus longer term underpin budgetari framework ensur tight expenditur control expect result continu fiscal posit quot close balanc surplu quot come year inflationari pressur expect continu line inflat target rang percentag point guid monetari polici underpin gradual close output gap swedish welfar state comprehens union tax burden public expenditur exceed gdp reflect social prioriti gener enjoi widespread support order safeguard achiev place public financ sustain path import ensur effici public resourc ag popul put upward pressur expenditur measur enhanc competit address high price level low labour product addit sweden rank high term employ rate increas labour forc particip foster employ remain kei challeng order sustain financ welfar state longer term challeng face sweden ensur adequ labour suppli view ag popul enhanc competit sector improv effici public sector ensur adequ labour suppli view ag popul employ rate high sweden lisbon target eu includ women older worker govern set target increas employ ratio view ag popul increas labour suppli exploit potenti sourc labour immigr young long term sick addit effort improv incent work notabl sweden highest tax burden eu gener benefit scheme intern perspect comprehens swedish welfar state involv long term challeng swedish economi financ impli continu high tax burden substanti tax wedg advers effect incent structur end reduc distortionari element tax benefit system benefici growth employ reduc number person receiv benefit import regard public financ problemat situat extens recours sick leav earli retir deserv attent budgetari cost high govern set target halv number person receiv social assist halv number dai sick leav enhanc competit sector improv effici public sector enhanc competit contribut lower swedish price level highest eu improv product eu averag high price level partli explain high indirect tax remot countri low popul densiti competit shortcom found privat sector evidenc fact swedish price level remain eu averag studi swedish competit author conclud half differ explain insuffici competit price level markedli higher retail hous construct tradabl servic sweden largest public sector eu reason low labour product public oper start conced market share area public servic provis privat oper repres small share employ welfar servic increas effici provis public servic import order ensur popul monei countri specif recommend sweden meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin sweden vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti ensur long term sustain public financ import sweden ensur adequ labour suppli view ag popul sweden recommend pursu reform tax benefit system improv work incent group high margin effect tax gl rec complet tax reform labour incom maintain sound public financ order enhanc competit sector improv effici public sector sweden recommend line gl step effort enforc competit sector competit inadequ gl make effort increas effici public sector inter alia improv framework condit increas competit promot benchmark public sector effici increas public tender gl unit kingdom unit kingdom economi enjoi decad sustain output growth inflat lowest eu unemploy year low underli outlook broadli posit downsid risk possibl abrupt slowdown growth household consumpt recent high level household begin adjust lower gross wealth result recent equiti market slump sector cushion continu rise hous wealth recent indic point slowdown hous price inflat public financ move deficit gdp deficit expect persist partli cyclic reason low financi compani profit plan rise current capit expenditur rel gdp aim rectifi histor invest public infrastructur unit kingdom made progress labour market recent year reform tax benefit system develop rang target activ measur labour market perform remain eu unemploy tight labour market wage pressur subdu expect remain hicp inflat project averag low level product result inter alia low basic skill categori worker remain kei challeng labour product eu averag gap declin time expenditur amp percentag gdp eu averag kei challeng address high number work ag peopl claim sick disabl benefit obstacl increas labour suppli kei challeng improv qualiti effici unit kingdom public servic challeng face unit kingdom improv low level product address high number work ag peopl claim sick disabl benefit sustain labour suppli longer term improv qualiti effici public servic improv low level product unit kingdom level product histor weak compar eu averag product gap eu declin recent year unit kingdom labour product eu averag unit kingdom product growth slow low skill peopl enter employ recent year structur factor import rais unit kingdom product perform competit entrepreneurship scienc innov skill invest unit kingdom govern measur recent year increas product time full effect measur feed product statist measur need recent strengthen competit polici appli rigor profess pharmaci offic fair trade found regul inhibit level competit postal servic incumb monopoli recent measur promot amp skill contribut higher product address high number work ag peopl claim sick disabl benefit sustain labour suppli longer term unit kingdom exce employ target set european council employ rate rate women older worker unemploy unit kingdom made progress labour market recent year reform tax benefit system develop rang target activ measur high employ rate accompani low level product part due insuffici level basic skill lack access train categori worker number work ag peopl claim sick disabl benefit remain high million million claim incom replac benefit limit scope increas labour suppli unit kingdom recognis import address level inact long term sick disabl addit exist measur deal disabl peopl govern scope action announc plan trial earlier intens support recipi incapac relat benefit unemploy remain eu averag signific dispar term access labour market concentr inact unemploy local group popul unit kingdom comprehens welfar work strategi aim tackl long term unemploy target group experienc greatest employ disadvantag improv qualiti effici public servic rise demand higher expect servic qualiti put pressur deliveri public servic addit public servic suffer invest past develop manifest problem wait list deterior infrastructur staff shortag area unit kingdom govern budget larg increas expenditur public servic invest public infrastructur address public sector net invest expect doubl real term gdp rise gdp educ spend plan grow year real term healthcar spend plan grow year real term period unit kingdom govern recognis accompani increas expenditur reform design ensur resourc alloc effici effect consum receiv higher qualiti public servic consum taxpay receiv monei countri specif recommend unit kingdom meet challeng outlin requir broad structur reform laid gener guidelin gl part broad econom polici guidelin order improv low level product unit kingdom recommend line gl continu improv competit sector profess postal servic pharmaci gl monitor close exist measur promot amp gl review strengthen polici aim improv basic skill work forc gl unit kingdom vigor implement employ recommend rec deal employ issu greater detail order increas growth potenti promot labour market inclus import unit kingdom address high number work ag peopl claim sick disabl benefit sustain labour suppli longer term unit kingdom recommend ensur work opportun incent examin reform sick disabl benefit scheme gl rec order improv qualiti effici public servic unit kingdom recommend ensur public servic announc increas public expenditur includ invest transport infrastructur deliv effici view ensur cost effect gl luxembourg june council presid dry period current primari expenditur increas year nomin gdp grew year current primari expenditur gdp ratio rose gender male payment public insur scheme tax sweden quot institut aspect quot sweden result higher tax burden measur commiss servic