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 june recommend articl treati framework econom polici coordin start stage ii process econom monetari union econom polici guidelin adopt articl constitut refer conduct econom polici commun member state econom recoveri commun kei task econom polici sustain strengthen recoveri come quarter ensur lai ground strong employ growth growth sustain due account environ sustain recoveri maintain progress price stabil creat condit low interest rate budgetari polici plai crucial role respect make budgetari posit sustain contribut increas nation save equal import continu structur adjust reform improv econom situat constitut spur step effort area lead complac reduc determin error previou econom cycl repeat current set polici guidelin develop concret adopt decemb account econom outlook specif situat member state implement contribut improv current polici mix foster budgetari consolid sustain wage moder eas stabil burden monetari polici polici mix improv inflationari expect subsid budgetari consolid progress effect structur adjust effort implement commun return sustain rate growth employ creation condit stabil unemploy place downward trend present guidelin adopt articl treati constitut refer conduct econom polici commun member state affirm goal identifi decemb guidelin substanti increas employ year reduc current high level unemploy present guidelin confirm medium term strategi outlin decemb bring commun economi back path stronger durabl employ creat growth price exchang rate stabil favour price trend record past year progress expect made pave resumpt sustain inflationari growth term macro econom financi polici firmli direct secur price stabil norm commun return mainten price stabil requir wage budgetari trend consist object rate inflat reach member state latest step price stabil commun commit sustain low inflat depend larg extent conduct macro econom structur polici result obtain reflect work intern market effect competit polici reduc inflationari pressur expect polici predict credibl time consist success respect achiev lower interest rate price stabil essenti ingredi exchang rate stabil member state turn exchang rate stabil soundli base achiev price stabil member state achiev inflat rate reflect consum price indic rang propos guidelin belgium denmark germani franc ireland luxembourg netherland unit kingdom countri wage trend develop manner consist price stabil countri consolid gain made inflat continu cautiou polici secur stabl price medium term inflat member state declin rang set guidelin essenti economi recov lag effect past depreci put price stabil threat countri addit effort requir order reduc inflat maintain price stabil medium term disinfl greec reinforc fundament condit lower inflat achiev price stabil greec correct budgetari imbal credibl polici budgetari adjust pursu order dispel advers inflat expect support extern stabil drachma member state ensur polici consist support exchang rate stabil commun reap full benefit increas econom integr sound public financ propos decemb econom polici guidelin onward budgetari polici lai ground invest growth prioriti make budgetari posit sustain budgetari deficit brought refer gdp defin treati current forecast prospect move deficit refer gdp favour determin commit fiscal adjust commun level limit ec spend revenu agre edinburgh council respect deterior public financ experienc led worri budgetari posit member state urgent return path sustain reduct fiscal imbal restor confid requir recoveri budgetari consolid plan envisag converg programm implement deviat emerg addit measur ensur target plan met member state room manoeuvr creat stronger rate econom growth lower interest rate underli budgetari forecast acceler pace consolid exploit improv econom situat implement fundament revers path budgetari deficit record earli part decad reinforc author commit budgetari consolid improv credibl action budgetari polici make import contribut growth employ creation pursu prioriti goal budgetari consolid addit orient tax receipt expenditur support viabl public privat invest spend conduc stronger econom growth time member state aim modifi tax structur wai favour employ benefit environ essenti budgetari consolid continu econom recoveri progress budget constitut clear confirm fiscal consolid member state interest payment constitut signific budgetari item debt ratio high increas belgium greec itali decis effort undertaken reduc budget deficit contain growth primari current spend countri converg programm belgium denmark germani franc netherland portug unit kingdom follow determin budgetari consolid programm announc implement ireland luxembourg continu progress achiev greec determin achiev fiscal consolid credibl polici multiannu framework crucial polici aim enhanc tax collect restrain spend quickli translat concret action itali progress made strengthen effort promot budgetari adjust medium term framework spain sharp deterior budgetari posit place make embark multiannu path fiscal consolid updat converg programm announc govern member state signific improv tax administr simplif tax system effect fight tax evas essenti condit promot budgetari adjust countri continu current expenditur pressur includ social secur outlai dynam commun economi member state increas effort aim improv function economi line commiss white paper growth competit employ action plan adopt european council decemb member state ensur economi reap fulli benefit intern market intern trade commun firm sme encourag improv organ amp effort awar emerg opportun dynam world market continu attent devot improv competit environ firm oper privat extent member state judg compat object progress made direct commun part continu implement part action plan fall compet tran european network mainten open trade system involv rigor enforc rule state aid competit improv research develop effort combin effort member state commun increas dynam competit commun economi structur measur creat employ structur polici direct ensur growth deliv job equip workforc skill need job capac adapt chang prioriti includ improv train educ focus ensur match skill job central foster attitud balanc work train leisur involv basic educ problem solv adapt eas school work transit employ involv life long train make market labour market regul flexibl mean anew rang polici area affect oper labour market includ labour law taxat social secur polici ensur equiti object achiev advers affect function labour market labour market regul hous polici act constraint labour mobil obstacl flexibl work time dismantl step activ labour market polici target group long term young unemploi counter problem exclus remov potenti inflationari bottleneck fulli exploit job creat potenti sme promot liber measur aim shelter sector economi includ liber profess improv labour factor product reduc wage cost low paid hardest hit member state measur contempl implement aim reduc wage cost employ categori worker notabl lower paid worker young peopl step pursu determin consist object budgetari consolid ensur environment cost reflect price economi maintain principl pollut pai pai polici consist inflat target contribut make room stronger invest increas employ present high level unemploy commun real wage increas fall short product increas current trend suggest occur commun polici task ensur condit creat present trend sustain year real wage increas reflect demand suppli sector area union sector economi maintain creat job requir short run decreas real wage wage moder maintain member state project recoveri gain strength pai agreement member state consist propos guidelin built sustain wage moder medium term case unemploy project declin wage moder secur labour market gain pave employ growth medium term member state unemploy increas year specif measur plan implement encourag employ opportun halt deterior labour market effect measur creat employ short term essenti polici activ pursu contribut strengthen job creation enhanc recoveri gain momentum benefit polici visibl commiss white paper help stimul debat growth competit employ numer countri member state measur consist strategi propos white paper set report econom polici committe ecofin council report make clear remain improv employ situat effici european labour market brussel juli council presid waigel