Safeguarding the euro, the success of the European semester, strengthening economic governance and the economic implications of the democratisation process in the Southern Mediterranean region must all be addressed as priorities by the European Council, on 23-24 June, according to BusinessEurope.

In a letter sent to European Council President Herman Van Rompuy, Business-Europe invites the summit to approve the country recommendations proposed by the European Commission under the European semester. The organisation states that these recommendations, intended to help member states strengthen their economic and social policies, are “clear, direct and stringent when necessary”. They are all the more important since the majority of national reform programmes lack ambition, forward-looking perspectives and implementation guidance, adds the organisation.

It also calls on the co-legislators to agree, by the end of June, on new budget surveillance and economic rules, thus meeting the deadline set by the European Council. According to BusinessEurope, this agreement should strengthen the Commission’s role, introduce reverse majority voting when necessary, increase the automatic nature of sanctions and provide for close monitoring of macroeconomic imbalances.

The letter calls on the EU to undertake concrete actions in support of budgetary discipline and financial stability to restore confidence in the euro and in the future of Europe, particularly because companies’ investment plans depend on this. Lastly, it calls for economic development of the Mediterranean region to bolster democracy.

The letter is available at www.europolitics.info > Search = 296246