Memo to the commissioner responsible for economic and financial affairs

The European Union withstood multiple economic shocks during the last five years but the productivity gap between the EU and other parts of the world is persistent. Your tasks include management of some of the structural factors that can help close this gap. You have three main challenges for the next five years: ensure credible implementation of the new EU fiscal rules, encourage the reduction of current account surpluses if they reflect a savings/investment imbalance and enforce the implementation of country-specific recommendations in the remaining period of deployment of the Recovery and Resilience Facility. You will need to maximise the value of the money that the EU invests, enforce implementation of rules and structural reforms and help prepare negotiations for the next Multiannual Financial Framework, in order to achieve the EU’s strategic objectives.

Key actions:

• Rigorous implementation of fiscal rules

• Promote reform and deployment of excess savings

• Focus the EU budget on investment

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