council recommend decemb 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 decemb recommend articl treati european union framework econom polici coordin start stage ii process econom monetari union econom polici guidelin adopt articl constitut refer conduct econom polici commun member state main object sign recess bottom european union output indic busi survei number countri show sign improv confid prospect long term interest rate declin substanti european central bank lower lead rate unemploy continu increas member state background broad guidelin econom polici aim prioriti return sustain inflationari econom growth commun set object short term revers trend end centuri significantli reduc number unemploi present stand unaccept level million decreas unemploy imper reduc neg econom social consequ aris wastag human resourc higher employ creation achiev activ societi wish join product process chanc weight factor lead social exclus substanti reduc employ object obtain inflationari strong employ creat growth last year respect environ higher growth essenti relat employ creation enabl commun reap benefit intern market improv econom social cohes meet grow commit relat rest world growth artifici gener brought essenti effect market forc dynam intern market open world conclus gatt negoti global durabl balanc basi commun open market vital role plai respect achiev higher growth rate requir strengthen econom converg member state converg set place condit stronger job creation commun reap full benefit intern market make success transit emu respect task econom polici maker market forc displai full potenti provid stabl coher macro econom framework ii remov macro micro econom obstacl growth present situat challeng dual firstli act decis improv condit growth consist commit creation high employ medium term creat econom social condit permit stronger sustain employ creat growth medium longer term recoveri process requir restor confid rebalanc current macro econom polici mix combin credibl structur measur sooner current expect pai budgetari trend incorpor price stabil object sooner interest rate reduc substanti sound basi lower interest rate achiev basi repres import element boost short term prospect commun sever present situat size budgetari adjust undertaken countri recoveri process modest hesit full realiz initi agre european council meet edinburgh copenhagen paramount import medium term polici behaviour remain consist stabil overcom rigid put end damag reduct nation save result high budget deficit strengthen invest condit growth potenti commun year stronger employ creat growth econom polici guidelin order creat condit realiz commun econom object increas employ reduct unemploy council adopt broad econom polici guidelin price exchang rate stabil commun aim stabl macro econom framework rate inflat reach member state step price stabil commun polici behaviour consist object member state reach level inflat ensur polici measur consist mainten perform member state determin action need provid basi lower short term long term interest rate involv action relat budgetari consolid wage evolut inflationari price develop servic sector measur implement suffici speed condit establish nomin real interest rate inflat expect reduc set emi repres addit factor stabil cooper import role plai strengthen arrang coordin member state monetari polici monitor function european monetari system high degre integr reap benefit intern market demand commun continu aim exchang rate stabil built common effort make progress converg creat sound econom fundament member state commun commun reaffirm commit emu process timet agre treati european union end intensifi effort achiev econom converg sound public financ restor confid requir member state prevent deterior budgetari situat carri forward process deficit reduct member state face worri fiscal posit confid benefit strong pursuit consolid process hold true member state high rise public debt ratio consolid process intensifi member state high budget deficit expect face favour econom situat member state tight control budget emphasi credibl medium term consolid strategi measur announc effect futur year recoveri strengthen commun level limit ec spend revenu agre edinburgh council respect member state continu action make public financ posit sustain expect growth path year ahead mean action reduc budget deficit refer treati european union gdp member state potenti reach goal need time action contribut meet criterion relat public debt provid treati measu stabil public budget give prioriti reduct current expenditur improv effici tax system strengthen action tax evas member state orient public expenditur product increas invest long term member state budgetari polici direct contribut higher nation save invest entail lower budget deficit close balanc year creat employ member state commun resolut action improv function economi aim specif improv competit commun capac creat job institut legisl contractu peculiar member state commun action focu defin object leav member state free choos mean situat gener framework defin common mind council consid order strengthen capac european economi creat job member state draw suggest commiss white paper pai invest employ member state set object signific increas share invest gdp meet object essenti order increas commun potenti sustain inflationari growth european economi medium long term recoveri privat invest short term stimul demand recoveri invest societi prepar todai make effort bring prosper job tomorrow call thing pai develop consist improv profit invest competit european undertak world market process contribut promot job creation term short term creat new job permit real pai growth countri result real pai reduct sector economi pai movement provid differenti situat member state industri sector firm vocat qualif work experi end govern social partner instrument nation procedur provid ensur pai trend countri adapt rapidli object inflat pai moder public sector import hand pressur public financ acceler promot public invest set privat sector scheme promot form labour organ sound econom basi introduc negoti decentr sector enterpris level reduc indirect cost labour member state intensifi effort bring signific reduct indirect cost labour reduct enabl balanc achiev cost product factor fail labour factor low skill labour suffer excess action undertaken field twofold object promot job creation servic respond societi develop discourag high level indirect cost labour combin pai moder save job sector expos intern competit curb replac labour capit reloc activ order encourag process direct member state invit examin extent adapt financ mechan social protect system save measur contribut promot employ system increas member state indebted question examin commun level basi report member state invit present fiscal measur possibl relat inter alia environ mean offset drop social contribut gener context stabil statutori contribut reduc tax burden activ polici employ meet object depend adjust employ polici chang econom environ member state invit improv educ job train system enter labour market possibl develop profession time skill undertak reintegr long term unemploi labour market improv function local placement servic remov excess rigid prevent labour market function effect improv labour mobil promot liber measur aim shelter sector includ servic industri complet intern market exist larg export orient intern market major asset european economi fulli exploit full incorpor commun legisl nation law simplif reduct legisl creation fiscal administr financi environ favour small medium size enterpris applic competit rule control state aid essenti element complet intern market likewis capit market made effici order encourag flow save product job creat invest tran european network essenti element effect oper intern market reinforc econom competit council make full rapid possibl offer treati articl econom polici guidelin laid constitut refer futur multilater surveil exercis implement guidelin monitor accord procedur laid treati council assess implement guidelin assess member state converg programm brussel decemb council presid dehouss