council recommend juli broad guidelin econom polici member state commun ec council european union regard treati establish european commun articl thereof regard recommend commiss regard conclus european council cardiff june resolut recommend commiss adopt european parliament recommend main prioriti success emu prosper job introduct euro januari mark phase process european integr conduct econom polici member state commun vigor credibl implement member state year polici aim achiev high degre sustain econom converg commun yield tangibl result firstli reflect remark converg effort result council european union meet composit head state govern decid eleven member state fulfil condit adopt euro effort foster develop macroeconom polici mix conduc growth employ insuffici progress made reduc unemploy member state summer previou broad econom polici guidelin adopt increasingli robust broadli base econom recoveri hold commun context histor low inflat spare capac member state prospect subsequ healthi growth invest equip solid growth place encount capac constraint gener inflationari tension expect wage develop continu addit underli econom fundament sound improv continu demand prospect brighten confid strengthen impact commun growth prospect financi econom event asia appear limit provid crisi deepen spread countri region background strengthen recoveri employ increas moder lead slight reduct unemploy rate commun constitut albeit modest step direct object high level employ aim articl treati amsterdam present level employ commun result high unemploy million peopl poor employ prospect long period discourag peopl seek job beneficiari social secur provis creation job absorb unemploi rise particip rate demograph increas popul work ag increas employ medium longer term greatli allevi burden member state public financ social secur system fight effici poverti social exclus econom polici task set condit strengthen recoveri ii extens sustain inflationari econom growth process medium longer term pre requisit substanti durabl higher employ requir strengthen programm macroeconom structur polici determin implement employ guidelin address number kei challeng allow commun economi adapt chang circumst year ahead introduct euro solv commun unemploy problem fulfil abovement task stabil framework econom monetari union emu contribut mainten polici mix favour growth employ macroeconom area govern respect field social partner make requir effort support stabil object singl monetari polici simultan structur polici reform product servic labour market requir facilit tension free growth process reinforc competit translat growth employ make growth respect environ gener function singl market member state respons polici strategi pursu resolv actor implement coordin line luxembourg european council resolut emu call articl treati reap full benefit contribut achiev object commun includ promot sustain inflationari growth respect environ high level employ rise live standard growth stabil orient macroeconom polici mix order achiev object mention essenti macroeconom area member state remain commit pursu growth stabil orient strategi recommend previou guidelin start bear fruit strategi essenti ingredi monetari polici orient price stabil sustain effort achiev maintain sound budgetari posit consist stabil growth pact nomin wage trend consist price stabil object time real wage develop consist increas product account strengthen profit invest order creat job task monetari polici maintain price stabil support budgetari polici wage develop monetari condit favour growth employ macroeconom polici mix euro area result essenti interact singl monetari polici hand specif budgetari develop wage trend particip countri subject closer surveil coordin econom polici order achiev polici mix euro area particip countri countri initi adopt singl currenc stabil orient macroeconom polici equal strong close deep econom monetari interdepend euro area countri euro area member state ensur converg smooth function singl market requir member state includ coordin econom polici price stabil price stabil essenti requir realis sustain medium term econom growth impress progress recent year commun achiev high degre price stabil polici aim credibl consist durabl price stabil prospect euro area averag inflat rate measur harmonis index consum price fallen particip member state conduct econom polici view maintain price stabil allow monetari condit favour growth avoid wide inflat differenti creat competit problem averag inflat fallen denmark sweden unit kingdom task maintain monetari econom polici continu deliv price stabil greec made substanti progress price stabil recent year budgetari consolid effort implement recent year facilit entri drachma exchang rate mechan erm march erm membership improv inflat perform reinforc effort need inflationari consequ devalu drachma entri erm achiev price stabil transit euro smooth transit euro januari requir ensur emu launch favour circumst primari object monetari polici nation central bank particip member state remain month retain respons monetari polici ensur current environ high degre price stabil maintain nation level euro area offici interest rate converg common euro area rate end consist situat market exchang rate equal pre announc rate current erm bilater central rate januari singl monetari polici euro area respons independ european central bank ecb european system central bank escb member state adopt singl currenc outset retain compet nation monetari polici commit pursu stabil orient monetari polici articl treati member state treat exchang rate polici matter common interest erm provid framework monetari relat member state particip mechan euro area onward support converg effort particip erm voluntari expect member state derog join sound public financ gener guidelin consider consolid effort virtual member state addit progress requir countri order ensur complianc stabil growth pact medium term object budgetari posit close balanc surplu member state deal normal cyclic situat keep govern deficit refer gross domest product gdp accord treati consolid requir order ensur debt ratio continu diminish suffici approach refer satisfactori pace requir hold member state reason sound budgetari polici foster low stabl inflationari expect facilit task singl monetari polici monetari polici euro member state maintain price stabil present conjunctur scale back govern deficit contribut sustain econom recoveri continu favour monetari condit support invest ii sound budgetari posit long term interest rate low level gener crowd privat invest govern absorb smaller part privat save make posit contribut save economi increas invest rate thing equal place pressur balanc payment long term interest rate iii countri public financ regain room manoeuvr cope advers econom develop introduct singl currenc adjust advers cyclic develop countri specif disturb import extent rest budgetari polici paramount import ensur automat stabilis fulli plai role sound budgetari polici likelihood increas effect stabilis proven budgetari disciplin strengthen confid econom agent rise deficit recess perman disrupt public financ avoid advers effect eman financi market iv final budget close balanc surplu speedi reduct high public debt ratio countri reduc debt servic burden facilit restructur govern spend facilit lower tax burden make address aspect social secur system view ag popul background essenti member state provid assur continu budgetari adjust end member state commit ensur nation budget object set fulli met take time correct action ii econom condit develop expect opportun reinforc budgetari consolid reach medium term object govern financi posit close balanc surplu embodi commit stabil growth pact iii submit stabil converg programm latest end view enabl commiss council assess programm includ budgetari stanc polici mix euro area start stage emu iv ensur steadi declin public debt debt manag strategi view reduc vulner public financ time scale composit budgetari adjust import determin success durabl impact govern budgetari posit improv econom dynam competit employ tailor countri specif condit previou guidelin exercis identifi number gener principl present guidelin reaffirm build principl respect compet member state conduct budgetari polici budget deficit reduct member state achiev expenditur restraint tax increas ii order improv econom effici promot econom dynam reduct tax burden desir member state tax reform enabl market function effici strengthen invest promot lastingli competit job iii case govern deficit govern debt gdp ratio high tax reduct slow pace deficit reduct iv budgetari consolid implement fair direct increas effect effici govern spend enhanc suppli side economi respect measur focu control reform public consumpt public pension provis health care labour market measur subsidi recent year tendenc govern invest reduc rel gdp part reflect shift privat financ oper public infrastructur invest extent threaten reduct govern deficit spend product invest product activ human capit activ labour market initi favour restructur lead posit effect growth employ increas employ rate reduct number peopl work ag receiv social transfer help improv budgetari posit medium term member state commun call continu maintain strict budgetari disciplin strict budgetari disciplin appli categori financi perspect respect inter institut agreement budget disciplin improv budget procedur countri specif guidelin euro area member state belgium favour econom growth condit contribut bring forward year budgetari target set converg programm import ensur govern commit maintain primari surplu gdp medium term realis secur fast declin debt ratio high level tighter control exert transfer household health care spend germani continu govern deficit reduct come year subsidi transfer household govern consumpt restrain continu effort restrict spend need govern aim reduc expenditur ratio year pre unif level gdp realis germani step budgetari adjust put debt ratio firmli declin path bring back swiftli gdp refer futur spain maintain current budgetari stanc deficit come year partial due favour econom growth condit spain undertak effort acceler achiev medium term target budget close balanc surplu present cyclic posit spanish economi sustain present expans call quick attain object spend control govern aim reduc expenditur gdp ratio gdp year realis franc budgetari adjust effort pursu order respect oblig stabil growth pact consolid effort need stabilis debt ratio put downward path control transfer household govern consumpt contribut bring deficit reduct ireland govern budget expect show increas surplus come year debt ratio expect fall gdp continu declin view present strong growth economi possibl overh revenu receiv anticip budget rais budget surplu tight fiscal stanc requir ireland reduc risk overh note author resolv propos budget primari object continu low inflat ireland successfulli reduc govern deficit gdp refer itali step budgetari consolid effort order respect oblig stabil growth pact order secur fast reduct debt ratio import ensur high level primari surplu gdp medium term envisag year plan approv italian parliament reinforc privatis revenu secur continu declin debt ratio luxembourg expect budget surplu come year debt ratio remain low level netherland present budgetari posit deterior favour econom growth condit expect come year deficit brought order respect oblig stabil growth pact budgetari stanc relax govern deficit allow start increas budgetari adjust maintain ensur continu declin debt ratio austria continu consolid effort come year order achiev target budgetari posit close balanc surplu austria exert tight budget control obviat addit pressur budget due recent reform famili taxat origin rule constitut court context envisag tax reform substanti addit budgetari consolid effort requir recal debt ratio downward path portug seiz opportun present favour econom growth condit come year improv budgetari posit order respect oblig stabil growth pact prevent risk overh budgetari adjust increasingli focu primari expenditur debt ratio expect fall cent gdp continu declin come year finland govern budget expect turn surplu increas surplus aim come year finland plan introduc incom tax reduct measur implement process budgetari adjust continu ii member state adopt euro januari denmark expect tighten budgetari stanc increas budget surplus come year tax revenu remain buoyant govern invest reduc increas budget surplus debt ratio expect fall gdp continu declin come year greec made substanti progress reduc larg imbal public financ recent year deficit declin gdp project declin treati refer govern debt ratio remain practic stabl start declin greec continu budgetari consolid effort notabl rigor implement measur announc govern drachma join erm order secur smooth orderli particip realis govern intent join euro area measur includ reduct primari expenditur extend privatis plan extens rationalis public sector reform social secur system medium term sweden govern budget expect turn surplu increas surplus expect sweden aim budget surplu gdp cycl govern expenditur continu control tightli unit kingdom budget project reach posit close balanc end decad achiev posit unit kingdom rigor implement announc budgetari measur govern expenditur continu control tightli conduct budgetari polici unit kingdom account bring envisag stabil condit uk economi wage develop evolut aggreg wage wage differenti substanti implic inflat growth employ employ content growth emu singl monetari regim link wage employ evid stringent hand credibl stabil orient macroeconom framework foster adequ wage behaviour wage set remain respons social partner nation region sector decentralis level respect tradit underlin amsterdam resolut growth employ social partner respons reconcil high employ wage settlement set suitabl institut framework wage format process wage develop contribut employ friendli polici mix social partner continu pursu respons polici conclud wage agreement member state line gener rule aggreg nomin wage increas consist price stabil wage increas euro area incompat price stabil inevit lead tighten monetari condit euro zone advers effect growth employ excess nomin wage increas countri region necessarili exert signific impact inflat entir monetari union effect unit labour cost worsen competit employ condit countri region ii real wage increas respect labour product growth account strengthen subsequ maintain profit capac enhanc employ creat invest impli countri labour product growth slow scope real wage increas reduc specif reduct work time lead increas real unit labour cost improv profit result higher invest commun essenti forg invest support environ term demand develop labour market condit taxat regulatori framework iii wage agreement account differenti product level qualif skill geograph area context entri wage cost young low skill long term unemploi enhanc employ benefici effect lower entri wage cost enhanc measur promot adapt labour forc iv wage imit effect avoid impli labour cost differ member state continu reflect discrep labour product due exist singl currenc differ wage level member state transpar lead increas labour mobil give rise wage claim lower wage countri close gap higher wage countri increas wage faster warrant product level countri lead deterior competit invest profit reduc attract product locat countri trade perform suffer invest deter unemploy increas complianc requir impli wage develop uniform euro area differ product growth room real wage develop differ labour market situat econom condit account emu wage adjust plai import role adjust chang econom circumst case countri specif disturb requir higher degre adapt wage format process gener social partner respons achiev wage develop compat achiev mainten high employ plai import role achiev macroeconom polici mix essenti strengthen social dialogu level nation level govern stronger interest foster dialogu promot understand polici strategi develop broad econom polici guidelin commun level commiss continu develop social dialogu notabl macroeconom polici issu framework strengthen econom polici coordin establish credibl climat confid major polici actor reinforc regular dialogu social partner hand author respons econom polici structur polici growth employ structur polici primari role plai promot econom welfar improv product rais employ level kei role ensur tension free macroeconom growth process reinforc commun competit increas employ content growth make growth respect environ reach full effect structur polici coher pursuit sound macroeconom polici structur polici improv function market involv budgetari cost essenti control jeopardis achiev sound budgetari posit econom benefit emerg gradual time insuffici progress implement structur reform product servic labour market member state continu intensifi effort requir remov deepli seat structur defici member state adjust countri specif econom disturb reli consider extent flexibl adapt market product servic factor product emu intensifi competit pressur enterpris elimin exchang rate euro zone increas price transpar product servic capit market order safeguard promot competit employ live standard world free trade constant technolog chang essenti member state commun intensifi effort improv effici product servic capit market effort focu major area reform perfect singl market improv function singl market paramount import success emu consider progress number signific problem remain legisl framework singl market remain incomplet due lack full implement commun direct nation level effort reduc degre implement singl market direct pursu forcefulli member state identifi singl market scoreboard establish commiss recognis challeng commiss member state agre action plan singl market june commit member state clear remain legisl gap januari area requir action public procur mutual recognit deserv attent effort focu ensur prompt implement action plan monitor progress effect singl market end singl market scoreboard develop regular monthli public conclus luxembourg european council stress import pai full attent nation econom develop polici hinder smooth function singl market polici coordin aim foster tax reform order rais effici discourag harm tax competit area treatment tax incent consist commun rule state aid member state complianc principl fair tax competit monitor main task follow group establish decemb singl market globalis exert strong pressur improv competit link nation commun polici field research develop notabl inform societi end essenti implement swiftli action program action plan promot innov wide diffus technolog environ firm term commun call strengthen effort infrastructur project keep adequ level public invest search joint ventur privat sector effort focu encourag enterpris cultur promot entrepreneurship kei factor stimul growth employ competit commun ii reform enhanc competit area competit polici commiss recognis streamlin decentralis anti trust enforc order enhanc effect reduc cost impos enterpris member state make import contribut achiev object effici enforc anti trust rule revis law nation competit author appli anti trust polici effect state aid commiss control strictli member state exercis rigor disciplin iii regulatori reform adequ regulatori framework pre condit boost product growth rais competit european firm govern commiss respons review exist regul continu assess appropri reduc cost implement monitor regul increas transpar enforc hold environment legisl regul incent base econom agent achiev defin environment object cost effect wide dispar regulatori practic countri benchmark exercis initi intern bodi identifi regulatori practic exercis lead signific improv regulatori framework enterpris commun commiss coordin initi basi contribut member state administr regul cumbersom procedur tend weigh heavi small medium size enterpris start phase area benchmark exercis launch administr regul start busi similarli identifi remov remain unjustifi regulatori barrier develop ventur capit financi product assist financ small medium size enterpris sme prioriti special attent paid job creation local level social economi activ link satisfi market import spillov effect term econom activ social cohes exploit fulli opportun offer area favour regulatori fiscal framework develop iv financi market emu bring import european financi market result larg highli liquid euro market import nation author measur remov legal financi obstacl market integr segment member state financi market diminish emu ineffici appar amid intensifi competit euro area financi institut euro financi market prove attract financi institut europ essenti oper fulli prepar emu potenti euro financi market fulli realis improv effici reform close monitor coordin commun level regular multilater surveil complement ongo macroeconom multilater surveil ensur steadi progress econom reform member state commiss submit short annual report set polici aim make product servic capit market effici report provid basi monitor reform effort commun level provid input broad econom polici guidelin start year commiss elabor extend scoreboard indic effect market integr includ price differenti implement singl market measur labour market durabl reduct present high level unemploy increas employ rate commun requir vigor unremit broad rang mutual reinforc polici success emerg medium longer term macroeconom polici interact structur polici ensur realis protract period strong inflationari growth support capac enhanc invest requir polici respect form essenc present previou broad econom polici guidelin solv commun employ problem requir simultan comprehens modernis commun labour market view increas employ content growth ensur employ labour forc compon commun strategi high employ develop luxembourg employ guidelin employ guidelin base pillar improv employ develop entrepreneurship encourag adapt busi employe promot equal opportun implement nation action plan nap employ adapt specif nation circumst plan integr employ measur strategi sound macroeconom polici includ budgetari consolid conform requir stabil growth pact provid vehicl action aim reduc mismatch labour market enhanc respons firm econom chang nap serv import polici tool direct reinforc commun growth employ potenti undoubtedli form import ingredi futur broad econom polici guidelin member state action put emphasi prevent strategi focus activ polici increas suppli adequ educ train labour forc activ measur combin effort increas incent seek creat job review structur administr tax benefit system activ labour market polici year period member state tackl youth unemploy prevent long term unemploy offer unemploi young person adult start reach month unemploy requir increas effort employ servic perform effici job search job match servic measur combin accompani measur train wage subsidi reduct social charg low skill import concentr scarc resourc employ servic find job long term unemploy high belgium ireland itali spain youth unemploy high finland franc greec itali spain member state make special effort respect guidelin ii tax social secur contribut year increas tax burden structur develop taxat system tax social secur contribut member state unfavour employ result increas burden taxat social secur contribut grow wedg develop worker receiv firm pai larger wedg hamper econom effici growth eventu job creation effect harm low end wage scale lead price market low skill low pai job increas black market activ view harm effect import member state action revers trend reform social secur taxat system measur jeopardis budgetari consolid employ effect measur increas support activ labour market measur educ apprenticeship scheme vocat train retrain order make taxat system employ friendli member state examin desir introduc tax energi pollut emiss tax measur account impact competit addit burden individu corpor tax payer iii welfar reform welfar system reform aim increas incent opportun respons job gener improv function labour market mean move passiv incom mainten system welfar support work countri take job compar receiv benefit offer advantag low incom earner experienc long unemploy spell combin benefit unemploy hous childcar circumst result net replac rate belgium denmark finland franc germani netherland sweden unit kingdom make work pai requir doubl strategi firstli implement reform boost home pai unit kingdom welfar work reform open interest polici avenu act benefit side adjust carefulli elig criteria job search train requir case revis time profil benefit countri posit result field interact benefit system review ensur pai job compar receiv benefit gener benefit tax system view relat labour market regul member state combin gener benefit system high employ protect review relev legisl view reconcil secur flexibl make benefit system effici iv work time arrang import arrang reduc work time implement wai undermin adapt result reduct labour suppli output employ favour greater flexibl work time microeconom level context initi suggest agreement combin reduct work time job creation entail posit result provid unit labour cost increas approach increas labour content growth encourag maximum voluntari part time form employ possibl field member state larg differ proport part time worker observ present area exchang commun level experi practic encourag brussel juli council presid edling