council recommend juli broad guidelin econom polici member state commun ec council european union regard treati establish european commun articl thereof regard recommend commiss regard opinion monetari committe regard conclus european council florenc june recommend main object gener guidelin contrari expect prevail time adopt broad econom polici guidelin commun economi experienc mark slowdown econom activ twelv month renew rise unemploy inflat declin broadli anticip price converg strengthen progress sounder public financ proceed insuffici pace made difficult econom downturn result commun succe make signific progress realiz import econom object stipul articl treati promot sustain inflationari growth high level employ failur reduc gap aspir realiz econom social major present confid mood commun nonetheless commun enjoi favour econom fundament inflat histor low declin exchang rate tension progress eas world trade expand healthi pace invest profit improv term notic higher half due factor declin long term interest rate end destock expect centr rebound econom activ half year opportun offer expect recoveri fulli seiz accomplish degre converg order ensur success transit econom monetari union januari econom challeng face commun met continu current macroeconom polici strategi area budgetari consolid sustain structur reform initi good servic market area labour market reform need essenc present guidelin corrobor augment polici recommend outlin previou exercis strategi deliv satisfactori result commun larg implement insuffici vigour credibl parti encourag conduct econom polici view contribut achiev object commun articl treati demonstr action promis year coordin econom polici mention treati oblig articl practic oblig made critic increas integr economi member state macroeconom polici mix conduc growth employ converg council reaffirm achiev object continu requir stabl invest enhanc short medium term macroeconom framework character stabil orient monetari polici task undermin inappropri budgetari wage develop sustain effort consolid public financ member state consist object converg programm nomin wage trend consist price stabil object time real wage develop increas product order strengthen profit employ creat invest stabil task monetari polici facilit budgetari measur wage develop monetari condit includ exchang rate long term interest rate favour growth employ high sustain inflationari econom growth medium term essenti reduc significantli durabl commun unaccept high level unemploy combat spread social exclus ii make improv competit product commun economi compat safeguard context open market economi basic social valu character union iii ensur last success econom monetari union reinforc credibl macro econom polici framework effici coordin process commun member state invit present updat converg programm reflect strong polit commit commiss intensifi dialogu social partner macroeconom issu social dialogu intensifi prevail tradit nation level price exchang rate stabil achiev mainten stabl macroeconom environ precondit achiev sustain medium term growth inflat commun averag expect fall gt num gt gt den gt cent year result improv year present member state respect object establish previou guidelin exercis rate inflat percent step price stabil unit kingdom inflat close cent countri belgium germani franc luxembourg netherland austria finland inflat cent denmark ireland cent anti inflat credibl monetari polici framework gener firmli establish task consolid perform medium term sweden inflat recent significantli unit kingdom polici aim consolid result achiev countri inflat expect cent spain portug itali endeavour reduc inflat cent portug inflat recent fallen cent spain persever exist polici view achiev desir inflat object futur itali conduct fiscal polici essenc dictat pace progress regard establish exchang rate credibl anchor low inflat expect visibl progress greec recent year evid effort continu enhanc regard emphasi mainten correct fiscal polici stanc oper year continu prudent monetari exchang rate polici evid earli stress previou guidelin member state continu treat exchang rate polici matter common interest framework european monetari system exchang rate movement earli point member state put polici framework credibl foot polici recommend present guidelin contribut align exchang rate commun make exchang rate em resili fluctuat stem movement major currenc countri particip exchang rate mechan polici contribut creat condit particip sound public financ limit progress fiscal consolid made year commun slippag rel announc budgetari target partial reflect advers impact growth slowdown insuffici credibl budgetari polici contribut importantli currenc turbul spring sap econom confid led doubt financi market likelihood success realiz commun singl currenc goal larg number countri signific step consolid public financ case unsatisfactori state public financ commun lead member state review strengthen fiscal consolid plan credibl pre announc social balanc effort reduc high budgetari imbal reviv confid transform expect recoveri durabl job creat medium term growth process sound transit emu januari econom condit present favour anticip time adopt guidelin delai inevit consolid process justifi option postpon risk provok advers financi market reaction aggrav consolid task futur year progress made reduc structur budget deficit year continu reinforc consolid cyclic condit improv credibl design reduct budget deficit creat confid enhanc growth prospect help offset term impact demand provid implement polici framework basi adjust measur decid earli net borrow gener govern commun fall gt num gt gt den gt cent gdp compar deficit cent virtual member state aim lower budget deficit cent gdp step object close balanc medium term respect encourag countri recent announc implement substanti measur redress budgetari imbal individu member state denmark ireland luxembourg respect cent govern deficit refer denmark ireland move achiev ambiti medium term target case denmark set latest updat converg programm itali introduc signific measur achiev improv plan budgetari consolid remain central polici prioriti action primarili focu fight tax evas greater budgetari disciplin local author improv effici public administr greec sustain effort wide rang front notabl reduct current expenditur continu exist privat initi expans tax base requir remain ten countri addit effort need respect cent refer undoubtedli feasibl pursu vigor group countri germani franc austria finland sweden year announc substanti measur reinforc view achiev reduct budget deficit cent gdp countri netherland resolut implement programm fiscal consolid strengthen order ensur object fulli met belgian govern made firm commit enjoi support belgian parliament budget measur requir bring budget deficit maximum cent unit kingdom substanti reduct budget deficit expect continu year result plan expenditur restraint respect cent target import action spend plan level compens fiscal slippag expect rapid budgetari improv short run partli due lower growth previous predict final spain portug determin implement budgetari compon converg programm requir extent time design consolid measur tailor countri specif condit gener principl identifi previou guidelin exercis includ restrain expenditur increas oppos increas tax burden wide regard credibl effici option issu address place pension provis sustain foot curb rise health care cost reduc distortionari costli subsidi ii direct greatest extent govern spend product activ invest infrastructur human capit activ labour market measur endang reduct budget deficit iii improv effici public servic inter alia flexibl manag practic incent public employe case increas privat user fee extent member state judg compat object iv ensur reduct tax burden desir member state condit initi put budget deficit firm downward path member state commun call maintain strict budgetari disciplin commun adopt cautiou stanc establish financi perspect perspect set ceil target function product servic market foster growth employ whilst maintain low inflat essenti action macro side ad measur aim amelior function product servic market gener gener higher competit flexibl function price mechan essenti requir reinforc competit polici curb state aid full respect object articl treati econom social cohes crucial exploit fulli intern market potenti open competit environ transposit nation law effect enforc singl market legisl sector transposit lag effort need present propos nation parliament end enhanc commun competit measur aim promot innov favour emerg inform societi achiev work environ conduc initi develop sme swiftli implement area individu member state larg hold kei nation action reinforc consist guidelin action commun level commiss pursu polici improv competit eu market final increas effici environment polici reli market base instrument includ fiscal nation level eu wide action appear level commun foster employ labour market reform gt num gt gt den gt year public commiss white paper growth competit employ essen employ strategi set place time commun find dismal employ record period question expect recoveri lead renew job creation revers current upward trend unemploy million peopl unemploi commun assur sustain signific improv employ requir durabl high econom growth effici product servic market broad rang labour market reform elimin exist rigid ensur effici oper labour market heart nation effort ensur tension free stronger medium term expans employ creat growth pattern member state make effort reform labour market encourag intensifi action ensur equiti effici social protect system implement polici aim improv occup region mobil labour forc enhanc effici employ servic reduc bottleneck lead earli end growth process suitabl polici conduct order adapt educ system includ vocat train market improv human capit foster growth potenti economi respect prioriti improv employ unemploi low skill inexperienc labour reduc skill mismatch labour market provid train fit chang labour market attent enhanc employ prospect young peopl women higher employ growth foster mainten averag wage trend case wage reflect product differenti reduct wage labour cost encourag employ attent incent employ disadvantag group includ long term unemploi low skill labour consist guidelin adapt mutual interest firm work forc work time work organ act direct final promot local region initi field servic high labour intens dimens identifi commun commiss european strategi encourag local develop employ initi encourag element featur commun common employ strategi initi essen european council refin subsequ cann madrid council respect member state multiannu employ programm pursu effect area labour market polici commiss pursu initi mobil parti top prioriti fight unemploy brussel juli council presid quinn measur month averag annual chang interim indic consum price