council recommend june broad guidelin econom polici member state commun ec council european union regard treati establish european commun articl thereof regard recommend commiss regard discuss european council june sevil resolut recommend commiss adopt european parliament recommend tabl content gt tabl gt gener econom polici guidelin introduct eu defin econom polici strategi orient pursuit growth stabil orient macroeconom polici capabl adequ respond chang econom circumst short run improv long term capac sustain job creat inflationari growth broad econom polici guidelin bepg adapt updat strategi light polit orient barcelona european council march take account develop sustain develop strategi drawn background examin implement bepg assess econom situat outlook present commiss spring econom forecast section sketch econom background guidelin identifi kei econom polici challeng section describ gener polici recommend applic member state commun strategi polici prioriti differ member state due differ econom perform prospect structur institut take due account part ii present countri specif econom polici guidelin line continu effort draw lesson experi strengthen coordin line barcelona european council urg streamlin relev process focu action implement annual elabor guidelin format frequenc bepg chang background bepg opt continu previou year edit main prioriti polici requir econom recoveri take eu economi mark sharp unexpect slowdown econom activ macroeconom polici put test employ growth deceler increas sign economi stabilis pick respons econom polici sound fundament improv confid extern demand alli unwind impact seri advers econom shock provid platform recoveri smooth introduct euro note coin bring note stabil confid notwithstand persist downsid risk uncertainti expect eu economi gather strength reach growth rate close potenti half time recommend guidelin implement labour market develop reflect econom situat lag employ unemploy trend improv visibl expect inflationari pressur remain contain medium term hicp inflat stabilis level gt pic file quot en tif quot gt gt pic file quot en tif quot gt kei challeng ahead main challeng econom polici eu improv current futur citizen end polici gear achiev balanc sustain expans econom activ lisbon european council reflect main challeng overarch object make europ competit dynam knowledg base economi year capabl sustain growth job greater social cohes sound fundament econom polici absenc major econom imbal put economi good start posit progress structur reform date contribut improv econom perform job creation recent year challeng build achiev strengthen basi futur growth immin enlarg make urgent eu suffici dynam flexibl progress made rate potenti growth increas order give economi leewai full blown recoveri capac constraint result upward price pressur long run labour suppli tighter effect ag popul set full forc potenti growth rate tend declin absenc measur acceler product enhanc labour forc particip employ pace econom reform step attain stronger econom perform meet challeng set lisbon agenda regain condit full employ action concentr area safeguard strengthen macro econom framework ii promot job rais labour forc particip address persist unemploy iii strengthen condit high product growth iv promot sustain develop interest current futur gener safeguard strengthen macroeconom framework safeguard strengthen macroeconom framework facilit polici stanc econom circumst provid environ sustain stabl macroeconom growth ensur econom cycl smooth intern dynam resili reinforc environ underpin medium term growth cultur entrepreneurship innov increas prosper economi benefit fulli progress econom reform recent econom downturn underlin import clear polici framework quick transit medium term budgetari posit agre context stabil growth pact sgp strong macroeconom polici framework primari object monetari polici euro area maintain price stabil prejudic object support gener econom polici commun maintain price stabil monetari polici plai import role stabilis output trend rate creat environ conduc strengthen economi suppli side potenti growth commit price stabil foster cultur stabil reduc uncertainti creat favour condit wage moder provid basi invest friendli environ stabl inflat expect bear wit sound budgetari polici pillar macroeconom framework eu gener principl import budgetari polici guid avoid pro cyclic stanc exacerb swing econom activ lead unsustain structur balanc undermin price stabil orient singl monetari polici risk uncertainti fiscal fine tune notabl regard time effici irrevers norm budgetari polici symmetr plai automat stabilis econom cycl subject respect gdp excess deficit limit provid leewai free symmetr plai automat stabilis medium term budgetari posit close balanc surplu steadi declin govern debt interest payment rel gdp enhanc sustain public financ capac deal budgetari challeng inter alia stem ag popul member state make discretionari polici creat room manoeuvr basic polici philosophi anchor stabil growth pact facilit task monetari polici maintain price stabil foster condit conduc econom growth continu employ creation close coordin econom polici polici actor continu fruit dialogu council eurogroup ecb involv commiss respect aspect independ escb essenti foster harmoni econom develop involv social partner macroeconom dialogu plai import role grow interdepend euro area economi call regular review method procedur coordin econom polici reinforc implement enhanc transpar complet transit sound public financ complet transit phase accomplish medium term budgetari posit close balanc surplu condit realis full benefit emu budgetari polici coordin arrang cover sgp breach refer trade exist advers econom condit hand budgetari consolid attain medium term posit hand stabilis output fluctuat full plai automat stabilis effort step achiev budgetari posit close balanc surplu member state latest provid scope free plai automat stabilis budgetari polici guid improv qualiti sustain public financ window opportun effect ag felt forcefulli achiev sound public financ posit ii promot job rais employ rate address persist unemploy analys eu employ growth medium term perspect perform strong favour macroeconom condit vigor job creation wit reflect labour market reform undertaken member state inter alia context european employ strategi broad econom polici guidelin includ measur lower cost labour improv adapt workforc sustain wage moder improv real wage flexibl reform tax lesser extent benefit system labour market tend flexibl larg contribut develop part time temporari employ job creation improv perform half human resourc underutilis european union structur problem remain unemploy long term unemploy high number member state prevent expect cyclic increas unemploy increas structur unemploy unemploy concentr depriv region vulner group worker number member state situat aris high unemploy coincid labour shortag labour market condit vari consider region indic mismatch labour suppli demand due partli obstacl geograph occup mobil lack requir skill differenti wage develop labour forc particip rate women older worker unsatisfactorili low signific effort need rais employ rate lisbon stockholm target prepar consequ ag popul realis lisbon target impli increas million job eu prepar impact ag barcelona european council call increas effect averag retir ag eu year forc continu polici action address reduc unemploy comprehens strategi increas particip rate endors barcelona european council includ reform tax benefit system action modernis labour market strengthen incent peopl work enabl peopl particip labour market improv inform job opportun accompani return long term unemploi activ labour market polici promot entrepreneurship enhanc condit enterpris gainfulli emploi labour promot human capit format order provid higher skill adapt worker life cycl contribut qualiti work context act catalyst addit indic qualiti work develop context structur indic iii strengthen condit high product growth mainten high standard live longer run share work ag popul start declin result ag increasingli depend product increas labour product growth union low slow half percentag point averag half essenti result richer job growth back structur reform significantli affect stronger labour market inclus low skill worker averag product potenti recent low growth labour product maintain sustain gdp growth rate deem compli lisbon agenda privat sector invest innov benefit competit entrepreneuri environ turn rais product worker live standard substanti scope improv invest environ structur reform product capit labour market equal import adequ regulatori environ effici public servic network industri invest train educ adapt work forc encourag progress larg segment european product market insuffici integr make union attract locat invest reform need integr energi commun network europ facilit cross border provis servic distribut sector rais mobil skill unskil worker increas coordin nation commun polici requir financi servic capit market emu creat opportun effici gain nation author privat market particip respons accomplish financi integr long unfinish agenda complet set part guidelin promot competit intern market find logic complement increas competit world level european union continu adopt common extern polici favour open world trade press adher wto rule member gt pic file quot en tif quot gt gt pic file quot en tif quot gt iv promot sustain develop interest current futur gener take account current futur gener includ environment sustain social region cohes ensur polici measur aim boost prosper contribut fulli increas citizen econom polici make signific contribut goal achiev typic requir substanti polici action number area tend econom polici consider instanc econom polici make major contribut enhanc environment sustain make extern effect econom activ environ price econom polici creat condit resourc energi effici promot innov job creation likewis econom polici make import contribut adequ prepar challeng pose ag societi notabl labour market particip financi consequ concern aim ensur posit interact econom social polici view support long term sustain work life make optim human resourc potenti ensur greater social cohes final econom polici contribut social econom cohes wai good econom perform underpin job creation job protect poverti social exclus modern activ welfar state encourag peopl work import respect growth stabil orient macroeconom framework effici product capit labour market import determin nation region catch econom polici improv polici area take account specif local condit facilit labour market adjust encourag wage format process reflect differ local condit notabl product skill level reduc disincent geograph labour mobil import step pursu rais effect public spend region incid improv public system alloc deliveri consider polici recommend ensur growth stabil orient macroeconom polici macroeconom polici plai kei role sustain growth employ preserv price stabil aim support balanc econom expans full realis current growth potenti contribut establish framework condit promot adequ level save invest posit economi sustain higher inflationari growth employ path member state achiev preserv sound budgetari posit agre context stabil growth pact member state ensur complianc sgp cyclic adjust budgetari posit move remain close balanc surplu come year gener govern balanc govern balanc exclud proce sale umt licenc umt amount gdp spring forecast nl euro area uk eu el euro area dk eu irl euro area eu german stabil programm target set gdp februari ecofin council german govern commit budget close balanc franc figur account adjust made french author stabil programm letter commiss januari spring forecast compar stabil converg programm gt tabl gt euro area primari object ecb monetari polici maintain price stabil prejudic object support gener econom polici commun gener euro area member state orient implement budgetari polici achiev maintain budgetari posit close balanc surplu econom cycl budgetari posit close balanc surplu achiev action context implement budget prepar budget ensur medium term object respect latest ii ensur tax reform financ appropri order safeguard commit sound public financ avoid pro cyclic fiscal polici contribut macroeconom polici mix nation euro area level automat stabilis oper full recoveri underwai ensur rigor execut budget prevent slippag stabil programm target iii strengthen public financ view secur long term sustain make window opportun prior demograph take hold euro area member state monetari polici denmark guid fix exchang rate polici euro framework erm instrument achiev price stabil sweden unit kingdom monetari polici aim price stabil target inflat success achiev creat condit exchang rate stabil gener euro area member state maintain sound budgetari posit accord stabil growth pact gener orient implement budgetari polici maintain budgetari posit close balanc surplu econom cycl ii ensur tax reform financ appropri order safeguard commit sound public financ avoid pro cyclic fiscal polici contribut macroeconom polici mix nation level automat stabilis oper full recoveri underwai ensur rigor execut budget prevent slippag converg programm target iii strengthen public financ view secur long term sustain make window opportun prior demograph take hold wage develop member state reflect econom employ situat govern promot framework condit wage negoti social partner wage develop contribut employ friendli polici mix social partner continu pursu respons conclud wage agreement member state line gener principl set broad econom polici guidelin increas nomin wage consist price stabil ii increas real wage exce growth labour product take account strengthen subsequ maintain profit capac enhanc employ creat invest iii nation labour institut collect bargain system respect autonomi social partner account relationship sector local wage develop labour market condit allow evolut wage inter alia product skill differenti assist guarante eu competit improv employ skill geograph area improv qualiti sustain public financ maximis contribut public financ growth employ achiev object agre lisbon stockholm member state achiev sustain sound budgetari posit import countri achiev budget posit quot close balanc surplu quot requir stabil growth pact balanc sequenc drawn run public debt cut tax continu financ public invest kei area countri high level public debt reach medium term budgetari target pact give prioriti budgetari consolid countri prepar addit budgetari cost ag popul assess sustain public financ basi updat stabil converg programm confirm reach reform undertaken substanti risk budgetari imbal emerg futur due ag popul member state end member state pursu effort make tax benefit system employ friendli includ reduct tax burden target reform tax benefit system respect low wage labour continu fiscal consolid improv effici tax system section ii promot qualiti public expenditur redirect fund physic human capit accumul research develop iii enhanc effici public spend institut structur reform introduc enhanc mechan assess control spend includ budgetari procedur iv improv long term sustain public financ pursu comprehens prong strategi rais employ rate reduc public debt adapt pension system agre stockholm european council involv suitabl combin measur determin member state run public debt fast pace modernis labour market rais employ rate women older worker reform pension healthcar system elderli view place sound financi foot framework public pension reserv fund contribut improv sustain public financ provid receiv substanti contribut member state strengthen capac evalu long term sustain public financ factor analys medium term budgetari plan process reinforc examin context multilater surveil ask barcelona european council reform pension polici broad common goal agre gothenburg laeken council secur long term financi sustain safeguard adequaci pension meet chang societ develop comprehens strategi take due account balanc broad object challeng face individu countri introduc measur aim increas effect retir ag greater relianc fund consid vi pursu tax ordin avoid harm tax competit implement effect council agreement novemb tax packag view meet decemb deadlin agreement member state commun appli strict budgetari disciplin appli categori financi perspect respect inter institut agreement budget disciplin improv budget procedur flexibl alloc commun resourc exploit order enhanc econom impact eu budget invigor labour market impact cyclic slowdown labour market situat continu improv posit develop preced year repeat averag unemploy rate percentag point averag chart unemploy rate progress employ goal set lisbon stockholm european council continu moder year employ rate stand employ rate women older worker ag chart femal older worker employ rate progress achiev previou year structur reform labour market context european employ strategi visibl employ intens growth sustain wage moder allow employ increas significantli unemploy fall result boost inflat greater temporari part time contract contribut make labour market flexibl inclus tax reduct target low end wage distribut improv incent job member state start move passiv activ labour market measur pace labour market reform slow increas order achiev lisbon object gt pic file quot en tif quot gt gt pic file quot en tif quot gt import challeng remain address reform line discuss section ii challeng includ promot job increas particip rate women older worker order meet lisbon stockholm target employ prepar consequ ag popul reduc high unemploy rate reduc mismatch demand suppli labour region occup promot social inclus challeng conjunct challeng directli relev labour market wage format entrepreneurship educ train section februari council adopt detail guidelin employ polici year consist prioriti broad econom polici guidelin member state specif recommend pursu labour market reform member state vigor implement employ guidelin recommend address member state measur adapt tax benefit system make work pai encourag search job reduc high margin effect tax rate low wage earner reduc unemploy trap address incent effect benefit scheme condition benefit elig durat replac rate avail work benefit tax credit order make system employ friendli addit review administr system manag rigour reduc incent earli retir step effort increas opportun older worker remain labour market order increas year effect averag retir ag eu increas labour market particip ii strengthen activ labour market polici improv effici resourc effect term increas regular employ includ modernis employ servic impli inter alia target group prone risk long term unemploy measur proven effect meet demand labour market context activ prevent polici set measur provid incent incorpor labour market group individu risk disadvantag need iii bring obstacl mobil member state line action plan skill mobil foster recognit qualif facilit transfer social secur pension right improv inform transpar job opportun ensur tax benefit system hous market inhibit mobil iv safeguard employ worker train reskil facilit occup mobil improv lifelong learn dialogu social partner contribut job qualiti higher product promot dialogu social partner flexibl work organis review employ contract regul relat cost aim promot job strike proper balanc flexibl secur ensur reduct work time lead increas unit labour cost futur labour suppli fulli account vi remov exist barrier femal labour forc particip strive line nation pattern provis provid childcar children year mandatori school ag children year ag address underli factor lead gender pai gap encourag famili orient polici order combin work famili ignit structur reform product market progress implement econom reform agenda lisbon strategi mix progress made transpos intern market direct nation legisl open public procur reinforc power competit author reduc state aid liberalis telecommun electr market start result price reduct similarli posit effect expect increas access rail freight network prospect price declin affect physic bottleneck inadequ regulatori structur slow market open high market share incumb sector illustr creat fulli integr effici intern market reform product good servic market need area progress slow spite fact eu good market increasingli integr differ standard regul continu hinder cross border activ creation intern market servic advanc slowli light member state fulli implement intern market step effort increas transposit rate intern market direct achiev full transposit spring european council direct implement year overdu ensur correct implement intern market legisl pursu vigor elimin remain technic barrier trade speed develop product standard improv applic mutual recognit principl nation administr creat effect function intern market servic remov barrier cross border trade market entri open render transpar public procur market inter alia bring onlin adopt public procur legisl packag earli gt pic file quot en tif quot gt ii ensur effect competit deliv real benefit consum ensur effect independ adequ capac effect competit regulatori author promot cooper competit regulatori author enhanc coher applic competit rule commiss nation competit author secur state aid relat gdp redirect aid horizont object common interest target identifi market failur increas transpar state aid polici assess effect iii acceler reform network industri underlin import citizen territori social cohes access servic gener econom interest encourag market entri improv consum choic liberalis market fulli implement commun regulatori packag juli electr ga ensur freedom choic supplier household consum amount total market establish nation regulatori function electr reach agreement transpar discriminatori tariff system crossbord transact level electr interconnect member state equival instal product capac financ requir met enterpris involv ensur effici exist infrastructur provid incent build infrastructur take decis end revis guidelin accompani financi rule tran european energi transport network transport decis end propos airport slot alloc port servic public servic contract activ commun access eurocontrol creat quot singl sky quot open tran european rail freight network competit march pursu work railwai packag promot effici integr eu financi servic market reform seek hasten integr financi market reap full benefit effici channel save reduc cost access capit encourag invest eu centr effort financi servic action plan implement effort made parti concern achiev integr secur market end context enhanc effici cross border clear settlement arrang european level risk capit action plan rcap implement set measur common fsap respect privat equiti ventur capit bui promot market integr enact structur reform area regul taxat bankruptci law foster cultur enterpris integr enhanc financi stabil eu long institut arrang cooper coordin field prudenti supervis adequ respons ongo consolid financi sector member state reform process reform supervisori arrang choic arrang vari member state increas clear procedur cross border cooper nation supervisor corpor govern underlin recent event affect financi market eu barcelona european council mandat broaden remit exist work group intend addit measur improv present institut framework field order acceler progress financi integr step effort relev parti council european parliament commiss member state ensur full implement fsap secur market legisl highlight european council barcelona council european parliament adopt earli propos direct collater market abus insur intermediari distanc market financi servic financi conglomer prospectus pension fund intern account standard regul council agre oviedo individu measur meet object integr effici member state ensur implement legisl adopt council ii intensifi effort implement rcap reform bankruptci procedur provid balanc entrepreneuri activ investor protect develop fiscal framework conduc invest entrepreneurship iii improv arrang nation commun intern level deliv effici cross border cross sector cooper coordin exchang inform prudenti purpos iv strongli encourag remov barrier effici cross border clear settlement monitor progress encourag entrepreneurship increas product busi invest improv product rais level potenti growth european economi creation competit busi environ support adequ public infrastructur modern effici public administr kei stimul busi creation expans recognis member state illustr varieti measur reduc regulatori burden busi stimul busi creation eas access financ sme european charter small enterpris endors feira european council june contribut support small busi differ busi condit member state area taxat remain import offer wide scope learn practic exampl member state creat busi friendli environ improv simplifi corpor tax system regulatori environ reduc barrier entrepreneurship barest minimum includ reduct typic time cost requir set compani reduc administr burden increas effici public servic inter alia increas public tender benchmark increas particip privat sector competit public servic oper ensur servic provid compet level plai field make govern servic onlin reduc barrier cross border econom activ thing differ member state account standard rule corpor govern busi taxat vat ii translat action commit made european charter small enterpris iii encourag risk take improv access financ sme earli stage import sme suppli capit coupl manageri skill section foster knowledg base economi spite recent progress european union continu lag unit state develop diffus technolog import differ member state term amp expenditur percentag gdp number patent applic head popul increas improv invest human capit amp ict privat sector requir order strengthen european competit union recent approv galileo satellit radio navig project notabl context busi social partner citizen encourag seiz opportun offer knowledg base economi educ train system adapt typic disadvantag labour market impli member state stimul amp innov develop framework condit conduc rais spend union amp aim approach gdp increas effici amp third invest privat sector impli improv incent firm invest amp integr strategi aim rais level competit product market provid access risk capit protect intellectu properti right includ creation afford commun patent ensur rapid diffus technolog effici fiscal financi incent improv ti univers busi lead knowledg transfer commercialis amp result establish clear consist prioriti public research enhanc collabor research innov europ adopt sixth research framework programm ii promot access ict ensur effect competit local telecommun network quot local loop quot order speed develop european broadband network stimul inter alia definit europ action plan internet strata societi household school enterpris public administr rais ratio internet connect pc pupil pupil gt pic file quot en tif quot gt iii strengthen educ train effort privat public order increas suppli train research increas number highli qualifi ict personnel improv gener level educ attain popul ensur citizen access basic skill enhanc capabl educ train system respond adequ skill requir meet group typic disadvantag labour market women older worker earli school leaver introduc instrument ensur transpar diploma qualif enhanc environment sustain protect environment resourc clean air water soil maintain biodivers reduc environment threat public health requir activ environment polici order ensur respons scarc natur resourc develop econom environment social sustain long run commit undertaken intern level notabl area climat chang call polici action stockholm european council ask integr promot sustain develop broad econom polici guidelin emphasis gothenburg european council sustain develop concept pure econom assess strive improv qualiti life promot coher polici action base overarch assess econom social environment dimens take long term view welfar present futur gener proper comprehens analysi social econom environment cost benefit polici measur need polici area concret prioriti action identifi polici area section focus integr environment aspect econom polici market base instrument mean promot sustain develop govern action delai concern short term consequ polici protect environ econom growth employ competit individu firm sector member state clear stabl object sustain develop present econom opportun potenti technolog innov invest gener growth employ context member state make increas econom instrument instrument provid flexibl industri reduc pollut cost effect encourag technolog innov effici mean curb neg extern effect lead internalis extern cost price implement consist cost effect pollut pai principl respect inform citizen firm involv proper evalu instrument import member state set clear target timet polici approv european council gothenburg context appli consist busi consum adjust smoothli continu action need year bring gradual decoupl econom growth resourc growth transport energi consumpt gdp growth coordin gradual steadi credibl level structur tax rate extern cost fulli reflect price minimis structur adjust problem support adapt innov solut firm approach minimis cost ineffici exempt firm sector affect exempt reduc environment effect measur distort tax structur difficult remov date establish framework coordin econom instrument commun level avoid distort underpin intern market member state commun respect area compet aim provid impact analys social environment consequ polici measur ii order increas effect market base instrument competit increas deregul connect market lower entri exit barrier iii member state introduc strengthen polici base econom instrument taxat user pollut charg insur liabil scheme voluntari commit tradabl emiss right kei sector polici transport sector mode lack adequ consist integr system user charg tax order appropri integr extern mirror resourc iv order fulfil requir kyoto protocol cost effect member state prepar introduct emiss trade eu level ensur inter alia place suffici robust procedur monitor report verif emiss member state establish emiss trade scheme greenhous gase ensur scheme compat commun scheme discuss council member state alloc emiss allow gener member state prepar measur polici deliv kyoto oblig aim effici manag energi transport demand member state encourag disclosur environment inform annual account compani line commiss recommend vi member state consist object sustain develop reduc sector subsidi tax exempt measur neg environment impact vii member state parallel agreement open energi market reach agreement decemb framework energi taxat european level viii order european union quot show substanti progress enhanc energi effici quot request barcelona european council member state continu implement measur target energi includ transport ii countri specif econom polici guidelin belgium belgian econom activ experienc sharp deceler real gdp growth reach except year economi expand slowdown world trade result deterior busi confid main reason develop econom activ expect recov gradual quarter firmli half year export import volum resum dynam real gdp growth averag expect exce result preced year economi expand slightli result buoyant intern trade robust domest demand inflat measur hicp expect deceler remain contain employ project rise modest rate compar recent past unemploy expect increas resum fall trend wage develop remain moder context framework wage agreement conclud end period declin govern debt ratio gdp high level belgium requir budgetari adjust view ensur sustain public financ context ag popul pension reform underwai pursu regul lead earli retir complementari pension concern order face challeng low employ rate high region differ unemploy insuffici competit specif servic sector administr burden busi insuffici effici public administr repres area requir attent budgetari polici spite sharp slowdown econom activ gener govern account balanc surplu gdp includ umt licenc receipt instrument maintain gener govern balanc high primari surplu gdp reach retrench primari expenditur buoyant tax revenu specif factor real estat sale contribut gdp result updat stabil programm target gener govern balanc surplu gdp maintain high primari surplus order gdp year remain essenti element budgetari adjust strategi high level govern debt view challeng long term induc ag popul limit real expenditur growth entiti feder govern social secur year consid achiev object declin govern debt ratio modest develop due low nomin gdp growth ad hoc factor govern debt ratio project fall margin gdp end view belgium member euro area budgetari polici aim deterior govern balanc compar notabl contain govern current expenditur ii resum budgetari consolid achiev gdp gener govern surplu adher limit real expenditur growth entiti strict budgetari surveil part govern iii strengthen exist strategi order prepar budgetari implic popul ag reduc debt level pursu reform pension system address low averag effect retir ag quantifi budgetari resourc alloc annual ag fund labour market belgian labour market affect weaker econom growth rapid declin unemploy rate record previou year gradual halt project increas employ rate grew steadili half nineti rise end eu averag lower rate young ag older person ag women framework quot activ welfar state quot approach gradual shift passiv polici prevent activ measur continu notwithstand measur implement benefit depend high segment labour market measur remov remain quot unemploy trap quot quot activ quot sizeabl number work ag benefit recipi older worker employ region differ remain notic employ rate flander percentag point higher wallonia brussel region reflect inadequ labour mobil insuffici wage flexibl linguist barrier high hous cost due remain heavi registr tax increas traffic congest inadequ public transport network main obstacl mobil addit dimens exist legisl employe particip financi result enterpris contribut wage differenti view vigor implement employ recommend adopt council februari main prioriti belgium consolid recent reform tax benefit system make work pai remov remain disincent older peopl continu work enter labour market ii measur increas labour mobil inter alia encourag social partner exist wage set mechan reflect local labour market condit skill preserv wage moder iii promot proper balanc flexibl secur monitor close impact labour suppli recent initi increas work time flexibl time credit system iv intensifi effort increas employ rate women remov disincent entri entri labour market product market entrepreneurship knowledg base economi open belgian economi stimul competit good market lead high labour product consum price level line eu averag transposit rate intern market direct met march target lack effect competit local loop liberalis process progress telecommun sector broadband access diffus fast cheap access cost link local public author privat partner lack transpar liberalis advanc servic sector energi delai establish independ transmiss system oper electr lack regulatori approv transmiss tariff imped market entri result competit remain limit sector lead high price whilst averag amp ict expenditur eu standard remain concentr sector compani import reform reduc red tape increas effici public servic launch start deliv result level administr burden state aid railwai remain high view main prioriti belgium increas competit electr ga offici design independ transport system oper signific involv incumb ownership unbundl take measur encourag retail supplier ensur fair access network ii increas transpar link public privat sector local provinci level role municip associ sector energi order avoid distort competit conflict interest iii measur reduc administr burden busi includ time cost requir regist compani develop govern denmark econom growth deceler primarili due mark slowdown invest growth deterior extern demand growth output expans forecast rise year acceler driven domest demand factor sustain growth privat consumpt expect rise line real home pai invest recuper expect favour outlook danish export assum grow fairli line extern demand import develop line final demand growth contribut net export expect neg year domest demand strengthen net export assum give fairli neutral contribut growth inflat hicp rose forecast remain level current year rise price cloth compens effect lower oil price quot tax freez quot introduc govern fall slightli labour market remain tight employ expect rise margin current year close slowdown economi regist unemploy remain low level small declin unemploy rate expect growth take danish economi oper level close potenti enhanc product potenti focus kei challeng eas labour suppli constraint hold back sustain high pai rise competit number import busi sector remain inadequ take size public sector account effici sector improv achiev effect restraint govern consumpt remain essenti compel introduct quot tax freez quot gener govern financ continu run high surplus medium term budgetari polici gener govern surplu gdp exclud umt revenu percentag point budget surplu expect declin gdp current year rise gdp declin surplu primarili due fact propos chang special pension save scheme incorpor forecast year technic reason lower surplu percentag point gdp latest updat danish converg programm maintain strategi slowli declin ratio primari expenditur tax gdp past real increas govern consumpt exceed target set previou govern element govern offic novemb commit rais direct indirect tax rate addit ceil nomin properti tax impos expiri date set quot tax freez quot long term project updat programm suggest gener govern financ run annual surplus gdp year order cope financi impact ag popul view budgetari polici aim ensur govern target restrain real growth govern consumpt year averag reach impli increas prefer exce author forecast order offset rise includ budget ii secur implement tax freez level govern possibl bind commit part counti municip agreement relat budget labour market danish employ perform eu countri employ rate women older worker unemploy rate continu fall slightli reach labour market situat remain tight reform effort undertaken previou reform continu reduc inflow earli retir disabl pension scheme margin tax rate reduct due place accord whitsun packag govern recent announc tax freez previou reform clear trend negoti shorter work hour withdraw labour market high share work ag peopl benefit scheme includ unemploy benefit activ labour market programm part contribut persist labour suppli constraint expans labour suppli light ag popul encourag tax benefit reform make underli tax benefit structur favour employ view vigor implement employ recommend adopt council februari main prioriti denmark make work pai continu transfer system reduc fiscal pressur labour low medium wage earner product market entrepreneurship knowledg base economi danish economi open measur total trade gdp ratio small member state high price level partli due lack competit number sector ad hoc sector state aid low record transpos intern market direct excel progress made liberalis telecommun electr market open public procur success open ga market competit ict penetr high amp expenditur eu averag field amp denmark perform nordic member state part ow lower busi amp spend poorer commercialis record addit oecd survei denmark combin high level public educ expenditur low educ result view main prioriti denmark step effort enforc competit sector competit found inadequ ii enhanc competit public servic provis local level increas particip privat sector competit public servic oper iii complet full market open electr ga market ensur fair network access germani german gdp increas privat consumpt incom tax reduct implement januari year limit declin growth rate trigger hike fuel price worsen intern environ neg impact unemploy start rise slightli year contrast invest fell strongli environ low growth expect drag economi substanti deplet inventori result domest demand remain flat growth essenti net export lead indic point recoveri middl year drive forc pick invest consumpt remain sluggish result rise unemploy expect strong upsw annual averag gdp growth remain due strong neg statist overhang begin year back higher assum oil food price averag rise consum price reach expect revers price effect lower price pressur cpi inflat lowest level euro area employ start declin spite expect acceler econom activ averag lower consequ unemploy slightli higher averag result tax reform econom downsw govern deficit germani rose gdp kei challeng acceler consolid public financ ensur strict implement stabil programm view keep govern deficit treati gdp refer present cyclic downturn extern induc growth potenti german economi held back lag effect unif includ crisi construct sector slow progress structur reform highest prioriti increas make full growth potenti implement growth stabil orient macroeconom background reform aim reduc persist high unemploy rate region unemploy dispar improv effici activ labour market polici support polici increas employ rate notabl reform benefit scheme order make work pai tackl disincent labour market particip women german tax pension reform progress respect made recent recent pension reform import step direct reform need futur improv busi environ product capit labour market reform contribut strengthen germani econom growth potenti budgetari polici recent estim feder statist offic gener govern deficit reach gdp deterior compar outcom gdp exclud umt proce project octob updat german stabil programm project deficit gdp due stronger anticip growth slowdown statist revis expenditur overrun regist health care sector länder budget current year low gdp growth rise benefit impli deficit declin compar year spite hike tax ecofin council meet februari german govern commit respect gdp refer gener govern deficit confirm commit reach close balanc budgetari posit reaffirm agreement reach bund länder special session financi plan council finanzplanungsrat march view germani member euro area budgetari polici aim ensur gdp refer gener govern deficit breach potenti growth dividend reduc deficit gdp target updat stabil programm ii aim suffici declin deficit ensur close balanc posit achiev end continu expenditur restraint ensur budgetari room manoeuvr reduc deficit iii implement reform health care system order reduc expenditur pressur contribut improv qualiti sustain public financ improv qualiti econom effici medic care iv adopt current parliamentari term agre haushaltsgrundsätzegesetz enabl effect control agreement reach special session finanzplanungsrat march labour market german labour market suffer econom downturn employ growth halt unemploy start rise employ rate averag european union youth unemploy low unemploy half long term unemploy remain high slightli eu averag region unemploy rate continu vari sharpli recent flexibilis wage bargain wage differenti mobil suffici contribut adequ mark reduct region differenti posit step job aqtiv act call quot mainz model quot subsidis low wage job legisl aim rationalis activ labour market polici almp effici larg scale activ programm high unemploy region continu improv labour market activ low skill worker low unemploy risk percent higher averag worker increas employ rate critic depend overcom strong disincent barrier respect labour market activ low skill worker older worker women view vigor implement employ recommend adopt council februari main prioriti germani intensifi effort make work pai tax benefit reform women older worker candid benefit reform benefit elig condition durat replac rate benefit withdraw take work social secur contribut reduc low end wage scale compli sound public financ ii improv effici almp larg scale develop job search assist improv effici improv target almp group prone risk long term unemploy meet demand labour market iii promot labour institut collect bargain system respect autonomi social partner account relationship wage develop labour market condit allow evolut wage product develop skill differenti order improv employ skill geograph area preserv stabil employ orient wage develop iv promot flexibl work organis review employ contract regul aim promot job strike proper balanc flexibl secur remov barrier femal labour market particip inter alia promot avail childcar facil product market entrepreneurship knowledg base economi german economi open larg size economi measur total trade gdp ratio consum price level close eu averag state aid declin gradual time cost requir start privat limit compani eu averag minim sole trader germani strong posit knowledg base economi measur busi expenditur amp patent applic share labour forc upper secondari educ progress intern market relat issu transposit intern market direct open public procur limit partli due nation measur serv environment object price level electr household ga remain eu averag region monopolist enjoi strong posit suppli activ final educ achiev year old share high school student univers eu averag third ag group concern start qualifi dual vocat train programm posit effect youth employ unemploy ag group low level compar member state view main prioriti germani amp sp ensur effect competit electr ga market lead reduct level region differ fee charg energi distribut network establish regulatori function energi view ensur effect control tariff set condit ii make effort improv student educ achiev gener rais share school leaver univers iii rais transposit rate intern market legisl aim achiev target intern market direct rais public tender publish offici journal greec deterior global economi econom activ deceler support domest factor consider lower interest rate euro area membership increas inflow financi resourc eu structur fund combin prepar olymp game sustain invest time sharp increas consum credit recoveri real dispos incom boost consum spend nonetheless extern trade neg effect real gdp growth reflect high import content domest demand limit improv competit pattern growth expect persist improv forecast result resum extern demand situat labour market improv slow pace latest year employ rise low rate economi strong job creation servic construct sector inflat pressur earli result round effect oil price hike start eas half privat sector wage negoti conclud agreement includ nomin increas year progress made recent year medium term challeng requir improv function greek economi fiscal imbal correct recent year govern debt ratio remain high level requir robust budgetari adjust take account risk budgetari imbal emerg futur due ag popul current real gdp growth phase opportun acceler structur reform aim increas low level product improv effici labour product market creat environ busi final tackl high rate structur unemploy increas employ rate remain kei challeng budgetari polici gener govern account achiev deficit gdp balanc includ budget umt receipt updat stabil programm project govern surplu gdp gdp budgetari project base high real gdp growth period reach year budgetari strategi continu centr achiev high govern primari surplus nonetheless expect declin period fact improv govern balanc fulli result steadi decreas interest payment contrast retrench current primari expenditur expect govern debt ratio forecast declin gdp gdp reduct limit autonom factor larg financi oper view greec member euro area budgetari polici aim ensur budgetari stanc contribut inflationari pressur take account outcom forthcom nation wage agreement privat sector ii compli guidelin issu bepg applic defin bind norm current expenditur increas real term iii ensur govern debt gdp ratio declin line project reduct govern deficit increas nomin gdp limit financi oper influenc neg level govern debt iv acceler reform social secur system proce reform pension system order avoid budgetari imbal emerg futur year ag popul labour market econom upturn recent year greec accompani employ growth rate euro area averag employ creation initi outstrip increas labour suppli year job growth led slight fall unemploy rate notabl greek labour market characteris low employ rate high level structur unemploy labour market highli segment high rate youth femal unemploy high share long term unemploy labour market polici measur focus implement decemb packag labour market reform reform public employ servic educ vocat train system recent measur labour market displai number problem includ heavi labour market regul insuffici wage differenti distort incent work formal sector embed pension entitl tax system includ strong degre progress person incom tax high burden depend employe compar emploi averag tax burden low educ vocat train system strengthen meet requir labour market view vigor implement employ recommend adopt council februari main prioriti greec urgent pursu reform pension entitl order encourag older worker remain work ii continu improv educ vocat train system order enhanc skill labour forc meet labour market iii continu progress elimin major distort work incent aris interplai social secur contribut labour market rigid iv promot wage format system order ensur wage account differ product level local labour market condit opt out includ territori employ pact made practic possibl fulli implement labour market reform packag monitor impact labour market perform order ensur posit effect maximis build effort loosen restrict employ protect legisl view ensur proper balanc flexibl secur speed restructur public employ servic product market entrepreneurship knowledg base economi partli due geograph locat greek economi open member state measur total trade gdp ratio effect enforc competit polici rule import guarante high level competit domest product market stimul product gain level labour product rise strongli recent year remain lowest eu intern market transposit deficit halv transposit rate remain march target effort underwai improv busi environ enhanc perform public administr cost set compani remain high system compani taxat complex possibl constrain firm incent grow liberalis happen recent market posit incumb network industri remain strong low level averag educ attain popul remain concern factor respons low albeit grow level ict diffus greec broadband penetr lowest eu weak amp innov perform view main prioriti greec step effort increas avail skill human capit promot busi involv amp innov continu improv ict diffus ii continu streamlin administr rule procedur increas effici public administr make system compani taxat neutral form busi organis iii enhanc effect competit liberalis network industri provis electr sea transport servic iv sustain progress made rais transposit rate intern market legisl aim achiev target intern market direct spain grown output growth weaken significantli due moder domest demand fall sharp invest equip gradual slowdown export year heavili influenc slowdown regist half previou year gdp growth expect deceler averag recoveri gain strength year recoveri stem gradual improv domest demand compon renew dynam export intern prospect underpin recoveri domest expenditur gdp grow line estim potenti base macroeconom scenario employ growth slow recov strength year impli decreas unemploy rate inflat expect fall averag compar previou year eas inflationari pressur support nation wage agreement sign year preserv wage moder moder import price inflat deceler close averag spain made progress implement recommend bepg prospect spanish economi posit problem remain unsolv long term sustain public financ address comprehens reform pension system april agreement govern social partner repres signific step tackl underli imbal unemploy rate percentag point peak decreas remain high comparison eu countri wide dispar region low employ rate women final spite eas inflationari pressur underli inflat continu post high growth rate appar labour product growth remain sluggish perform indic insuffici degre competit sector lag develop knowledg base economi budgetari polici weaken growth fiscal consolid process continu gener govern sector time year balanc deficit record updat stabil programm gener govern sector expect maintain balanc budget reach small surplu gdp fiscal strategi outlin updat remain unchang compar previou programm base restraint primari current expenditur support decreas interest payment increas capit expenditur turn programm envisag reform person incom tax effect consist mainten fiscal consolid programm incorpor financi system territori govern involv decentralis tax spend power parallel start system law budgetari stabil aim ensur commit gener govern sector respect close balanc object approv contribut enhanc sustain public financ spain updat stabil programm provid detail inform measur deal ag popul announc intent pursu reform pension system lack detail calendar concern spain advers demograph project eurostat recent past main measur adopt deal ag social secur fund creat financ futur liabil asset plan reach gdp latest stabil programm earli april spanish author announc target reach addition incent rais effect retir ag introduc spain member euro area budgetari polici spain aim ensur restraint primari current expenditur plan maintain balanc budget posit accord updat stabil programm ii ensur reform person incom tax legisl enhanc incent work save put risk medium term stabil object iii review public pension system comprehens promot long term viabil give prioriti introduct incent rais effect retir ag surplus regist social secur sector increas pension reserv fund labour market mark improv labour market perform past year mean spain catch rapidli eu member state term employ rate employ rate rose femal employ rate rose percentag point unemploy continu fall femal unemploy remain doubl rate male region unemploy dispar remain sever unemploy rate mainland rang kei structur problem includ failur labour cost adjust product local labour market condit low labour mobil partli ow hous market rigid oper region benefit scheme reform march address rigid area employ contract remain scope increas invest train measur ensur effici activ labour market polici effort encourag increas labour market particip need order sustain impress perform recent year view vigor implement employ recommend adopt council februari main prioriti spain step reform wage format wage account region differ evolv product develop skill differenti ii diminish obstacl labour mobil inter alia improv function hous market reform region benefit scheme encourag condit conduc employ creation region lag iii ensur activ labour market measur effici tailor prone risk long term unemploy lower particip rate women demand labour market iv step encourag increas labour forc particip women adopt target adequ provis facil care children depend ensur proper balanc flexibl secur mean monitor close impact recent employ contract reform take step view earli progress term reduc share fix term contract greater part time contract product market entrepreneurship knowledg base economi open spanish economi continu increas recent year record transpos intern market legisl eu slowdown product growth perceiv problem spanish catch economi implement ambiti liberalis plan launch govern june continu market share incumb fix telecommun ga remain high wholesal market electr provid reduc number privat oper addit tradabl sector hypermarket sector specif regul restrict effect competit initi increas ict user foster amp adopt govern result expect low public busi expenditur amp patent applic remain major weak rel member state public expenditur educ eu averag educ attain low final regulatori framework sme remain complex contribut long time high cost involv creat compani view main prioriti spain continu polici aim guarante level plai field oper telecommun energi sector reduc market share incumb order enhanc effect competit sector encourag market entri wholesal market electr ii continu measur enforc effect competit retail distribut iii step effort increas skill human capit busi involv amp innov ict diffus iv pursu strategi reduc administr burden busi includ time cost requir regist compani franc year robust growth result strong employ creation econom activ slow markedli begin reflect impact deterior global economi sharp deceler export entail adjust stock invest project postpon convers privat consumpt benefit robust growth dispos incom resili labour market remain dynam allow economi avoid sever slowdown prospect favour economi burden import imbal improv confid acceler extern demand lead rebound gdp growth slight deterior situat labour market observ end unemploy rate expect recov downward path alter significantli behaviour wage project grow moder final inflat remain year lowest level euro area compar countri euro area french economi show strong resili recent shock extern demand partli attribut strength labour market lower inflat posit effect plan tax cut progress remain made labour market increas labour market particip reduc high rate structur unemploy remain kei challeng health pension reform tackl view ensur sustain public financ effort made secur control public expenditur health sector final order enhanc medium term perform economi structur reform includ liberalis network industri acceler budgetari polici gener govern deficit estim increas gdp includ umt revenu achiev deficit target fix financ law gdp attribut partli cyclic condit reduc tax revenu partli higher plan increas nomin expenditur macroeconom assumpt updat stabil programm take account implement tax cut plan increas real expenditur gener govern deficit reach gdp decreas slightli govern launch public financ audit pursu consolid effort line updat stabil programm step view medium term challeng gener govern financ stem ag popul reduc level taxat import enhanc growth potenti endang fiscal consolid view franc member euro area budgetari polici aim ensur gdp refer gener govern deficit breach end govern close monitor budgetari develop ensur futur tax cut deficit neutral ii aim suffici declin deficit ensur close balanc posit achiev iii conduct delai comprehens polici structur reform design enhanc growth potenti reduc medium term gener level public expenditur defin delai comprehens reform pension system allow secur sustain context ag popul labour market number impress year line slowdown econom activ employ growth slow trend gradual declin unemploy rate halt good perform previou year employ rate franc remain low older worker low unemploy rate high high rate youth unemploy larg scale public youth job creation scheme polici measur includ continu implement hour work week legisl notabl transit period small medium size firm sme introduct support scheme unemploi job search pare continu phase introduct earn incom tax credit final adopt law social modernis strengthen employ protect legisl publicli subsidis job creation scheme repres substanti share net job creation recent year recent measur remain problem disincent emerg tax benefit system low paid older worker transit shorter work week prove problemat sme measur relax implement firm addit protract phase implement shorter work week led exist wage minima rise quickli due interact index mechan hourli minima automat increas hourli wage final unclear impact recent strengthen employ protect legisl labour market dynam view vigor implement employ recommend adopt council februari main prioriti franc consolid recent reform tax benefit system improv incent stai work encourag job search firstli incent older worker remain job strengthen reduc opportun earli retir reform pension system focu paid low paid worker disincent part time work minimum incom guarante scheme ii close monitor implement hour work week measur address advers medium term effect wage cost labour suppli encourag full exploit opportun flexibl work organis iii reform employ protect legisl view strike proper balanc greater flexibl secur facilit access employ avoid neg effect labour market dynam recent employ regul product market entrepreneurship knowledg base economi french economi open intern competit integr european market labour product high price level fallen european averag progress made transpos intern market direct year ad hoc state aid reduc markedli ga electr market liberalis slow pace franc record transpos intern market direct consider march target improv administr burden busi remain highest eu final measur encourag develop knowledg base societi franc lag member state internet view main prioriti franc speed liberalis ga electr sector implement current ga direct delai open market household consum competit encourag market entri order foster effect competit ii rais transposit rate intern market direct aim achiev target intern market direct iii continu ongo effort made reduc administr burden busi lower time requir regist privat limit compani iv measur facilit access internet household small busi school ireland averag growth period irish economi experienc sharp slowdown weaken activ due interplai capac constraint foot mouth diseas precaut downturn intern economi gener ict sector ireland heavili expos eu countri confid indic purchas manag index suggest rebound late trough underwai strong recoveri expect mid economi revert growth rate sustain medium term labour market prove remark resili increas unemploy inevit nonetheless labour market expect remain tight result drift wage provis nation agreement expect domest gener inflationari pressur abat due indirect tax rate increas averag inflat higher record gener trend quarter social partnership cornerston irish econom polici current year agreement expir end provid increas tax incom reach combin nomin wage increas direct tax relief kei challeng adapt current wage set process tax spend commit nation agreement environ characteris condit approach full employ limit budgetari resourc growth discretionari vote spend doubl digit recent year sustain context slower medium term econom growth current low expenditur ratio ireland note develop polici guid public spend line resourc medium term improv expenditur control address kei infrastructur prioriti sustain econom growth kei challeng ireland measur increas competit market remain insuffici degre competit sector area profession servic retail distribut network industri scope strengthen competit budgetari polici larg tax shortfal led gener govern surplu percent gdp percentag point target lowest surplu stabil programm target small surplu envisag return small deficit event larg conting provis unforeseen develop incorpor target small surplu record year close balanc requir stabil growth pact broadli respect debt develop stabil programm project stabilis debt ratio low level gdp view ireland member euro area budgetari polici aim ensur budgetari stanc broadli neutral ii ensur continu complianc close balanc requir stabil growth pact iii improv expenditur control set norm ensur budget expenditur prioriti resourc gener target sustain budgetari econom outcom labour market employ growth held econom slowdown employ gain moder averag year employ rate exce eu averag femal employ growth continu outpac male remain scope increas femal employ rate unemploy rose slightli half rate remain close year end rate rise condit approach full employ expect continu evid earn growth remain fairli high exceed pai increas provid nation agreement challeng tight labour market remain relat mobilis labour futur wage set process view vigor implement employ recommend adopt council februari main prioriti ireland promot set wage line product develop skill differenti consist mainten competit price stabil ii continu focu measur increas particip women labour market product market entrepreneurship knowledg base economi ireland highli expos intern competit labour product eu averag ireland price level eu averag rise rel eu averag recent year liberalis network industri continu state own incumb high market share sector whilst regul affect level competit servic sector profess retail distribut regulatori burden busi low march rate transposit intern market direct remain target sector ad hoc state aid low total state aid gdp top end rang eu ireland ict product total product highest eu partli due presenc larg number foreign own high tech firm amp expenditur eu averag public amp address recent measur view main prioriti ireland implement measur increas effect competit local telecommun electr ga transport sector address high market share state own privat incumb ii address govern regul impair competit market sector profess retail distribut iii rais transposit rate intern market legisl aim achiev target intern market direct itali real gdp growth slow prompt declin extern contribut subsequ weaken domest demand pass trough novemb econom activ expect pick gradual begin account improv global outlook recov confid upturn steeper mid year invest expenditur forecast acceler view temporari tax incent scheme due expir end year ow low start point inherit real gdp growth remain expect rise employ growth weaken account lag respect output perform labour market forecast improv rate unemploy fall signific pressur import price wage neg output gap end year inflat expect eas due rise inflationari pressur month result temporari effect annual averag inflat set stai inflat expect eas year stai account rise demand pressur ensu econom recoveri come year fiscal polici aim simultan achiev signific reduct tax burden respect medium term object budget balanc surplu improv control qualiti govern expenditur remain paramount import narrow wide unemploy gap north south continu overrid region labour market issu link restrict employ protect legisl underdevelop unemploy safeti net support goal rise underli speed limit economi year econom polici address low employ rate acceler slow transit knowledg base societi term educ attain skill human resourc amp perform polici context improv busi environ enhanc competit product market budgetari polici gener govern deficit gdp ratio year previous estim gdp gdp includ receipt sale umt licenc revis gdp includ umt receipt consequ revis gener govern turnout deficit gdp govern project gdp public account benefit oper amount gdp sale public real estat asset gdp larg securitis process gdp securitis futur net proce state lotteri primari current expenditur broadli stabl gdp decreas point gdp cyclic adjust deficit commiss calcul improv slightli compar underli budgetari posit improv oper net year debt ratio decreas percentag point gdp mark slowdown process continu reduct market relat difficulti meet privatis object lower expect growth contribut slowdown novemb updat stabil programm target sizeabl reduct deficit ratio gdp balanc budget debt ratio fall cent gdp italian author face challeng secur addit last reduct primari expenditur gdp ratio improv qualiti expenditur reduc tax burden achiev maintain close balanc budgetari object requir stabil growth pact view itali member euro area budgetari polici aim ensur respect steadi path deficit reduct order achiev object close balanc budget secur primari surplus high level project updat stabil programm notabl improv control expenditur ii ensur time scope reform taxat outlin enabl act present parliament aim reduc tax burden simplifi taxat narrow tax wedg consist achiev mainten budgetari posit close balanc surplu iii ensur social secur system govern request deleg power parliament address critic aspect present pension system implement measur aim promot supplementari privat fund pension scheme clarifi relat budgetari cost labour market italian labour market situat continu improv unemploy rate fall high femal labour forc particip increas averag employ grew cent estim particip rate rose wage moder higher employ intens growth recent year due increas labour market flexibl quot margin quot allow greater flexibl contract part time temporari job fix term contract apprenticeship measur design lower labour cost perman employe continu signific impact employ growth italian labour market characteris weak notabl persist low employ rate women older worker year wide region dispar labour market perform major sourc ineffici unemploy rate south compar centr north decentralis wage bargain system agre social partner order greater wage differenti result stricter protect worker perman job medium larg firm low degre protect emploi quot atyp worker quot labour market continu characteris mark dualism unemploy benefit system remain limit scope uneven scheme dispar benefit condit level durat elig criteria tax wedg labour cost reduc latest year low paid worker remain high view vigor implement employ recommend adopt council februari main prioriti itali encourag social partner wage set mechan account product local labour market condit preserv wage moder ii ensur full implement recent labour market reform packag order increas labour market flexibl limit market dualism promot greater workplac adapt extend coverag effect unemploy benefit system strengthen activ labour market polici iii step encourag increas labour forc particip women includ set target ensur adequ provis facil care children depend older worker step reinforc incent postpon retir labour forc iv continu effort reduc tax burden labour low paid earner view preserv equiti goal increas work incent framework continu fiscal consolid product market entrepreneurship knowledg base economi italian economi open measur total trade gdp ratio eu economi similar size labour product eu averag slightli decreas recent rel term transposit rate intern market direct line eu averag remain march target number infring case violat intern market rule highest eu effort improv busi environ start bear fruit administr procedur remain complex competit servic sector take hold slowli recent measur contribut increas competit energi sector incumb retain strong market posit price remain highest eu explain part fuel mix strongli base oil product itali transit knowledg base societi constrain low averag level educ achiev popul weak amp innov base economi internet penetr household school eu averag rapidli catch develop commerc slow view main prioriti itali continu strengthen educ skill base popul increas privat sector involv amp innov promot higher ict ii increas effect competit servic sector profession servic implement reform extend market open enhanc competit energi sector order pass benefit liberalis final user includ household small busi iii sustain effort undertaken reduc administr burden busi includ time cost requir regist compani iv continu rais transposit rate intern market legisl aim achiev target intern market direct bring number infring procedur luxembourg real gdp growth deceler reach yearli averag nation account statist domest demand remain robust privat consumpt benefit tax cut oper begin year govern consumpt continu increas fast pace invest prove dynam export increas year import rose fast import good remain dynam line domest demand employ continu increas deceler year unemploy began rise end year wage acceler rise contrari price deceler rise hicp reach underli inflat acceler reach half increas low nation particip employ rate older worker remain kei challeng develop wage labour cost requir attent maintain line rest euro area come year end wage format process call adjust final effort undertaken acceler implement reform competit legisl empow competit author appli ec law budgetari polici gener govern surplu declin gdp partli result deceler activ tax cut implement framework januari tax reform main factor declin larg increas govern expenditur reach gdp declin surplu expect due cyclic factor phase tax reform addit govern expenditur continu increas fast pace public invest infrastructur expect reach gdp highest percentag eu recoveri activ expect result renew moder increas govern surplu current govern expenditur continu expand significantli view luxembourg member euro area budgetari polici aim current govern expenditur order ensur increas exce total budget expenditur aim endeavour overcom rigid specif kind current expenditur labour market perform luxembourg labour market good unemploy rate remain low employ growth continu strong larg avail cross border worker nation employ rate remain low labour market tighten reveal strong nomin wage increas underlin exploit countri labour potenti low nation employ rate older worker women govern made effort restrict access disabl pension scheme increas incent work longer increas accrual rate ag pension right addit year work ag addit femal labour forc particip flexibl work encourag allow voluntari access part time work full time worker reform incent remain labour forc improv reform earli retir pre retir disabl pension scheme view vigor implement employ recommend adopt council februari main prioriti luxembourg intensifi effort increas nation employ rate older worker reduc incent earli retir increas incent pre retir disabl pension scheme remain employ women remov obstacl entri entri labour market inter alia increas avail child care facil product market entrepreneurship knowledg base economi high degre open luxembourg economi stimul competit product market result high product price eu averag network industri progress liberalis ict diffus progress element competit framework obsolet legisl price potenti restrict competit product market lack empower competit author make difficult ensur effect enforc ec competit rule march rate transposit intern market direct remain target view main prioriti luxembourg implement announc reform competit legisl includ abolit fix monitor price empow competit author appli ec competit law reform public procur legisl ii measur reduc administr burden busi includ time cost requir regist compani develop govern iii rais transposit rate intern market legisl aim achiev target intern market direct netherland real gdp growth deceler begin reach averag year export import decreas substanti declin intern trade domest demand subdu privat invest decreas half consumpt react abnorm larg increas household dispos incom boost fast rise wage effect tax reform begin year real gdp growth expect pick privat consumpt acceler export follow recoveri intern trade expans reach employ increas fast deceler part year result sizeabl labour hoard product labour declin unemploy remain stabl end increas employ deceler significantli recov modestli lead year substanti rise unemploy level remain lower neighbour countri labour market remain tight current upward pressur wage disappear overnight inflat acceler significantli end year partli effect rise oil price jump due rise indirect taxat part tax reform rapidli rise wage price increas expect deceler progress come year increas labour market particip draw inact peopl labour market remain kei challeng due substanti acceler wage latest year part signific gain competit achiev year lost reduc benefit netherland economi world recoveri dampen futur growth prospect kei challeng ensur renew wage moder tackl slow labour product growth order maintain competit economi budgetari polici gener govern surplu declin gdp gdp exclud umt receipt result signific reduct budgetari revenu wide rang tax reform effect januari induc declin govern receipt incom tax social secur contribut partli compens increas indirect tax specif rise standard vat rate effect aggrav end year impact tax revenu cyclic deceler economi emu balanc deterior percentag point time expenditur due acquisit stake dsm ebn acquisit part process liberalis netherland ga market spend realloc spring prioriti area healthcar educ secur expenditur ceil respect lower expect interest payment social secur outlai absenc discretionari measur let automat stabilis fulli plai govern account expect broadli balanc post moder deficit reach gdp spring commiss forecast view netherland member euro area budgetari polici aim ensur budgetari stanc contribut inflationari pressur persist notabl result excess wage increas ii avoid deterior govern balanc end current govern expenditur defin ceil set real term labour market netherland labour market continu perform lowest unemploy rate european union employ rate lisbon target eu cyclic slowdown robust employ growth labour market tight continu major drive forc strong wage increas improv employ rate depend continu growth femal particip stronger activ older person minor exist substanti untap reserv labour benefit claimant labour forc receiv unemploy social benefit receiv disabl benefit partial disabl work measur introduc exist refin order strengthen work incent benefit recipi older worker low wage earner discuss reform disabl scheme led tangibl result cumul effect benefit includ local subsidi continu creat inact trap view vigor implement employ recommend adopt council februari main prioriti netherland make work pai reform benefit elig condition rule cumul benefit carri implement reform disabl scheme view size stock recipi pai attent inflow activ receiv benefit product market entrepreneurship knowledg base economi netherland economi open measur total trade gdp ratio assur high level competit low price level sector produc tradabl good servic market liberalis contribut low price telephon call electr transposit rate intern market direct met march target measur encourag ict reduc shortag ict expert labour product growth slow result thing rapid employ growth servic low level competit shelter servic sector notari childcar taxi broadband internet insuffici busi invest amp spite effort made stimul research innov busi expenditur amp percentag gdp remain eu averag lack scienc technolog orient labour forc typic time cost requir set privat limit compani eu averag view main prioriti netherland creat condit increas busi invest amp take measur rais number scienc technolog graduat enter labour forc promot technolog orient educ ii address market regul impair competit servic sector includ notari childcar taxi broadband internet iii measur develop govern reduc administr burden busi includ time cost requir regist compani austria output growth deceler buoyant econom activ period weak demand worsen busi confid excess capac lead fall equip invest time construct invest plung domest demand curb budgetari consolid export fell step slowdown econom activ main trade partner growth contribut net export remain posit due strong deceler import growth domest demand expect pick offset declin export growth result gdp growth averag remain steadi project improv extern trade domest demand bring output expans close potenti oil price develop increas excis duti drove price higher hous cost ad price pressur contrast expect eas import price domin consum price develop increas hicp expect remain level expans total employ halt employ project declin slightli job growth resum unemploy start amp sp rise expect continu rise labour forc revers budgetari situat improv consider effort improv sustain longer term perspect expect strong expenditur pressur stem ag popul low effect retir ag high benefit level continu exert signific upward pressur public pension outlai pension scheme reform moder benefit rise recent year partial address issu remain put pension system sustain foot output growth austria strongli base factor expans total factor product growth remain moder weak technolog base stand expediti transit knowledg base economi initi undertaken regard increas amp expenditur reinforc link busi univers remain measur suffici austria catch advanc eu countri term knowledg base economi budgetari polici budgetari consolid impress gener govern financ improv deficit gdp includ umt proce year balanc posit achiev output growth trend improv cyclic adjust posit stronger expenditur growth bai ongo effect reform pension system public administr favour outcom due strong increas tax revenu consequ tax burden climb record high stabil programm updat project balanc budget year attain target programm structur save measur need level länder commit consider surplus framework nation stabil pact recent structur reform sustain pension system secur view sharp rise ag depend ratio come decad view austria member euro area budgetari polici aim implement measur lead structur expenditur save lower level govern meet target balanc budget set updat stabil programm decemb ii ensur plan reduct high tax burden enhanc incent work invest conflict target maintain budgetari balanc requir addit save effort level govern iii review public pension system ensur sustain public financ address low averag effect retir ag reduct incent earli retir labour market perform austrian labour market remain satisfactori econom slowdown start felt unemploy start increas unemploy rate lowest european union skill gap occur ict sector manufactur servic attenu current slowdown total employ rate averag employ rate older worker appear stagnat low level problemat view high burden stem popul ag pension reform reduc inflow retir experienc encourag earli full impact effect averag retir ag number activ measur prove success past strengthen refin disincent work minimum ag earli retir remain lengthen benefit durat older worker produc advers effect weaken impact earli retir reform accompani measur view vigor implement employ recommend adopt council februari main prioriti austria speed reform tax benefit system remov disincent older worker remain activ labour market product market entrepreneurship knowledg base economi austria lower exposur intern competit small member state labour product price level line eu averag import measur rapidli liberalis network industri appoint sector regul improv regulatori framework foster competit increas pressur compani innov march rate transposit intern market direct remain target austria lag busi amp high tech patent contribut weak technolog base risk delai transit knowledg base economi typic time cost requir set privat limit compani high view main prioriti austria continu implement measur aim promot diffus ict amp busi order increas busi expenditur amp percentag gdp ii improv austria integr intern market acceler transposit intern market direct aim achiev target intern market direct ensur full applic commun rule public procur level public author iii improv regulatori framework increas effect power telecommun regul iv implement measur reduc administr burden busi includ time cost requir regist privat limit compani portug econom growth deceler sharp slowdown domest demand partli offset improv net export end extend period growth driven domest demand effort privat sector agent redress balanc sheet sharp rise indebted level recent year expect limit domest demand growth estim averag foreign demand expect weak half output growth remain subdu pick step recoveri global demand part year view neg statist overhang begin annual gdp growth expect reach reviv growth rate upsurg inflat due partli temporari factor inflationari pressur subsid quarter inflat measur hicp project pursu deceler term attain annual averag unwind tight labour market situat coupl project low wage increas public sector expect moder impact wage develop subsequ price inflat employ growth forecast slow significantli period expand unemploy rise unemploy rate averag govern sworn april consolid public financ major polici challeng govern term fiscal consolid falter due signific revenu shortfal view longer period strong dynam govern expenditur appear root sluggish budgetari consolid process revers rapid upward trend gener govern outlai prioriti matter road sounder public financ portugues economi lost competit recent year evidenc larg trade deficit number factor contribut low growth labour product coupl high wage settlement unsatisfactori level growth labour product inter alia low level educ attain workforc continu signific structur problem pursuit higher level product constrain insuffici competit product market portug eu countri expos budgetari consequ popul ag number recent reform address issu reform improv financi balanc pension system longer term action requir ensur sustain public financ strong dynam health care expenditur suggest ongo reform process improv control effici expenditur health care sector pursu resolv budgetari polici fiscal consolid halt govern deficit increas estim gdp exclud umt proce compar initi target higher expect decemb author submit stabil programm updat slower econom growth expect import factor consider wors target budgetari outcom factor notabl underestim revenu loss impli reform direct tax implement lower project effici gain tax collect administr restrict packag adopt june current primari expenditur exceed target final strong upward revis decemb april caus higher estim deficit level local govern statist reclassif capit transact govern public enterpris decemb updat stabil programm maintain object balanc gener govern account ecofin council meet februari portugues govern commit respect gdp refer gener govern deficit current year confirm commit reach balanc posit view strong deterior deficit requir consider ambiti fiscal consolid polici period light wors expect budgetari outcom poor execut initi budget govern adopt rectifi budget includ correct measur tune gdp view portug member euro area budgetari polici aim ensur gdp refer gener govern deficit breach end implement strictli rectifi budget aim deficit gdp opportun achiev target budgetari outcom strengthen budgetari surveil level govern ii achiev close balanc budgetari posit requir discretionari measur addit includ updat stabil programm iii implement measur announc rectifi budget rein expenditur determin view reduc expenditur dynam gener govern iv continu process pension reform implement measur addit contempl reform ensur sustain pension system medium longer term introduc effect measur curb unsustain pace health care expenditur consumpt pharmaceut labour market labour market situat remain favour portug mark declin econom activ unemploy rate continu lowest union employ grew employ rate femal older worker eu averag wage level labour cost remain lowest union tight labour market situat sector strong wage increas public sector trigger nomin wage growth modest increas labour product real unit labour cost increas basic unchang level note eu addit level labour product low portug partli explain low level educ attain younger ag group averag share popul attend upper secondari educ compar averag eu portug increas spend educ substanti recent year continu high incid earli dropout streamlin simplifi measur suggest ineffici resourc share worker temporari contract doubl year partli result stricter employ protect legisl worker regular contract view vigor implement employ recommend adopt council februari main prioriti portug improv educ train system framework articul lifelong learn strategi order rais employ adapt labour forc increas labour product ii promot wage develop consist mainten competit price stabil real wage grow labour product iii modernis labour market institut inter alia adapt employ contract regul take account proper balanc flexibl secur product market entrepreneurship knowledg base economi partli geograph posit portugues economi open measur total trade gdp ratio member state compar size labour product lowest eu grow slowli determin low product competit economi low level educ attain workforc weak involv busi sector amp innov measur promot ict diffus increas amp activ reduc administr burden busi liberalis network industri made progress scope enhanc competit incumb retain strong market posit price remain high portug record transpos intern market direct march target competit product market greatli benefit implement announc reinforc institut set enforc competit polici control sector specif ad hoc state aid remain highest eu decreas slow pace view main prioriti portug continu strengthen educ skill base popul promot stronger involv busi amp innov higher ict ii enhanc effect competit liberalis util energi sector order reduc price user iii monitor cost effect sector specif state aid scheme view reduct iv continu progress rais transposit rate intern market legisl aim achiev target intern market direct finland due sharp declin export growth accompani heavi de stock finnish economi experienc sharp slowdown gdp growth estim year gradual recoveri extern contribut growth expect reviv econom activ privat consumpt gain strength ow continu incom tax cut moder inflat continu favour monetari condit background low rate capac utilis manufactur estim decreas demand addit hous busi premis invest anticip weak inflat hicp eas impact higher price fuel food fade end year price servic rose fairli strongli factor expect put floor price inflat employ continu increas steepli declin pace employ expect decreas light continu subdu growth export orient manufactur sector limit employ expans servic sector unemploy anticip edg revers expect labour forc unemploy rate remain averag euro area unemploy appear structur natur effort made target tailor almp inclus hard place unemploi labour market benefit elig criteria tighten measur increas unemploy benefit run contrari aim increas incent work finland member state expos effect ag popul govern commit pension reform view make public financ sustain long term number reform step direct measur envisag period implement appear unduli long finland remain countri highest price level eu due part due insuffici competit sector call step effort area budgetari polici central govern financ estim weaken surplu gdp govern aim achiev structur surplu central govern financ gdp medium term appear difficult achiev order boost employ creation govern decid reduc incom tax rate background govern aim prepar forthcom ag relat expenditur pressur tax cut accompani expenditur restraint central govern spend recent year repeatedli overshot medium term spend guidelin addit weaken central govern financ financi balanc local govern stai persist deficit compani tax buoyant budgetari disciplin gener govern level enhanc recent adopt legisl requir local govern aim medium term budgetari balanc onward absenc enforc mechan legisl uncertain regul achiev envisag result view finland member euro area budgetari polici aim avoid signific deviat medium term spend guidelin keep govern expenditur real term level end adher tightli budget expenditur target adopt expenditur reduc measur budget ii improv budgetari disciplin local govern level establish enhanc surveil mechan recent adopt regul requir local govern aim budgetari balanc financ medium term iii continu determin ongo process pension reform adopt implement earli stage envisag pension formula take account increas life expect extend period calcul pension earn work career labour market perform finnish labour market mix employ continu grow unemploy declin real unit labour cost increas labour product fell due sharp slowdown econom growth result employ growth expect ceas unemploy rate remain high level expect rise unemploy predominantli structur natur larg region differ govern respons labour market problem focus strongli reduct tax labour reduct essenti proport redress rel posit low wage earner respect high margin effect tax rate govern introduc measur improv effect activ labour market programm almp prevent exclus hard place unemploi labour market reform pension system aim increas flexibl retir ag increas incent remain longer labour forc number work ag peopl benefit scheme almp remain high late implement reform weaken effect babi boom gener risk delai achiev govern object rais effect retir ag addit decid measur increas level unemploy benefit run contrari aim increas incent work undermin effect tax reduct almp view vigor implement employ recommend adopt council februari main prioriti finland make work pai order reduc high level structur unemploy reform cover benefit scheme includ earli retir arrang view lower high margin effect tax rate low wage earner elig criteria job protect legisl review ii continu increas effici activ labour market programm refocu prone risk long term unemploy product market entrepreneurship knowledg base economi due peripher locat european union finnish economi potenti expos intern competit member state consum price level highest european union partli due high degre market concentr sector media retail distribut finnish transposit rate intern market direct highest eu telecommun electr market fulli liberalis resourc power competit author increas finland member state measur empow nation competit author appli ec competit law directli improv made recent public procur publicli advertis european averag privat sector particip provis public servic low local level measur promot entrepreneurship time requir regist privat compani remain longest eu final finland perform european union field transit knowledg base economi view main prioriti finland enhanc competit public servic provis local level increas particip privat sector competit public servic oper ii facilit busi creation reduc time requir regist compani iii give finnish competit author power appli articl ec treati sweden sweden experienc sharp slowdown real gdp growth deceler heavili influenc global slowdown slump ict sector expect gradual acceler world economi result stronger extern demand favour fundament sweden aid recoveri domest demand real gdp expect grow hicp inflat increas substanti averag partli due temporari factor indic inflationari pressur diminish quarter remain close employ growth robust recent year contribut substanti fall unemploy rate lag effect slowdown econom activ expect slight increas unemploy expect revers economi gain momentum enhanc growth potenti economi remain kei challeng product person fallen recent year compar eu averag polici aim strengthen entrepreneurship growth firm effort improv incent work high prioriti sweden rank high term employ rate increas labour forc particip foster employ remain kei challeng medium term order cope ag popul expans labour suppli encourag continu reform make underli tax benefit structur favour employ effect labour market programm monitor measur enhanc competit sector increas effici public sector kei challeng order address high price level weak labour product perform budgetari polici gener govern surplu rose markedli percentag point gdp spring fiscal polici bill continu larg surplus gdp expect swedish medium term budgetari polici threefold consist nomin ceil central govern expenditur set annual year ahead ii medium term balanc budget constraint local govern iii gdp surplu target gener govern financ averag busi cycl margin creat achiev higher surplus target partli tax relief partli debt reduct gross debt fell gdp expect continu fall reach gdp spring fiscal polici bill debt reduct reform pension system form import part sweden strategi cope ag popul view budgetari polici aim continu strategi lower tax low medium wage earner time ensur adher central govern expenditur ceil ii achiev gener govern surplu accord govern medium term surplu target gdp cycl govern financ maintain tight expenditur control labour market swedish labour market continu improv substanti slow econom growth unemploy declin labour forc employ grew boost high employ rate employ rate older worker year markedli higher member state remain quot labour reserv quot increas labour suppli medium term limit fact high nomin wage increas compar modest perform labour product construct servic sector suggest shortag mismatch labour partli allevi strong emphasi put train sweden labour forc particip activ labour market programm almp special temporari educ programm contribut improv adapt work forc recent evalu type almp mix outcom term net gain employ underlin import improv effici recent measur tax burden labour low wage earner remain highest union gener benefit level contribut high net replac rate compar strict elig criteria combin activ employ polici limit risk long term unemploy sweden view vigor implement employ recommend adopt council februari main prioriti sweden pursu reform tax benefit system promot work incent ii improv effici activ labour market programm almp continu target prone risk long term unemploy meet demand labour market product market entrepreneurship knowledg base economi sweden open measur total trade gdp ratio higher nordic economi notabl increas price level remain high labour product eu averag record transpos intern market direct excel state aid lowest eu reform network industri advanc competit public servic provis insuffici local level competit insuffici sector retail market pharmaceut product state own monopoli food trade sweden highest total amp expenditur eu highli concentr knowledg intens sector uptak ict popul proceed high pace share ict industri total product larg compar member state view main prioriti sweden enhanc competit public servic provis local level ii step effort enforc competit sector competit found inadequ retail market pharmaceut product food unit kingdom unit kingdom econom activ held depress net export weaker global economi offset exception strong growth household expenditur gdp rose year growth expect lower result global slowdown growth expect recov growth world economi rise economi continu support growth domest demand part result monetari loosen plan rise govern current capit expenditur growth expect trend unit kingdom export market grow respect inflat project remain subdu output remain close potenti increas wage pressur expect emerg unemploy remain low hicp inflat project averag low level product remain kei challeng product person emploi eu averag gap declin labour market concern kei challeng high concentr unemploy inact commun unemploy fallen region countri unit kingdom remain local area high rate workless kei challeng improv qualiti unit kingdom public servic notabl transport sector budgetari polici govern surplu gdp project converg programm show govern financ move small deficit gdp financi year rise deficit gdp persist level remain year programm deficit gdp emerg year earlier previou updat larg result temporari econom factor lower level gdp previous project lower financi compani profit gdp deficit persist project unadjust cyclic adjust result cautiou trend growth assumpt annum result address low level govern invest suggest bepg gross debt rel gdp converg programm project fall low fall debt gdp ratio unit kingdom good posit meet consequ ag popul public financ sustain current polici view develop includ cautiou growth forecast note requir quot close balanc surplu medium term quot contain stabil growth pact budgetari polici public invest net depreci rise project converg programm suggest bepg ii aliv deterior public financ term stabil growth pact remedi action labour market unit kingdom labour market remain perform eu unit kingdom hit lisbon stockholm employ target employ rate femal employ rate employ rate older worker unemploy risen slightli recent month decemb remain close lowest level decad long term unemploy continu fall share total rang activ measur aim tackl long term unemploy inact refin recent reform benefit administr introduc work focus approach sick disabl benefit work number work ag peopl claim work sick disabl benefit continu rise million increas previou year million claimant year unemploy fallen region countri unit kingdom remain local area high rate workless rel region unemploy dispar continu rise differ region remain wider differ local concentr unemploy inact area nation remain concern view vigor implement employ recommend adopt council februari main prioriti unit kingdom reinforc activ measur target commun individu prone risk concentr long term unemploy inact ii reform sick disabl benefit scheme provid peopl work opportun incent product market entrepreneurship knowledg base economi unit kingdom econom environ favour entrepreneurship low level regul low corpor tax rate state aid lowest eu liberalis network industri advanc unit kingdom level product remain low partli due factor weak competit sector retail bank postal servic profess skill shortag invest economi includ public servic railwai unit kingdom govern announc substanti increas invest transport sector year plan transport independ wanless review long term healthcar fund govern announc signific extra invest nation health servic total unit kingdom health spend rise gdp year gdp unit kingdom transposit rate intern market direct march target knowledg base economi expenditur percentag gdp level internet access eu averag broadband internet unit kingdom low view main prioriti unit kingdom continu improv competit build exist polici measur sector retail bank postal servic profess ii deliv announc infrastructur invest railwai establish railwai infrastructur compani improv regul railwai sector sevil june council presid de rato figaredo govern propos special pension save scheme sp transform redistribut tax scheme compulsori individu pension scheme effect propos major need parliament chang lower level gener govern surplu approxim percentag point gdp onward save chang consid privat public save nation account line deficit debt report februari