European Semester

The European Semester for economic policy coordination, also just called the European Semester, is an annual process in which the European Union coordinates and monitors economic policy. During the European Semester, the European Commission and the Council of the EU analyse Member States' fiscal and structural policies, issue recommendations and monitor their implementation.

The EU’s fiscal rules are part of economic governance. They set a framework for the management of public finances in the Member States. Under the rules, every Member State must make a fiscal-structural plan spanning at least four years. In Finland, this plan is called the Medium-Term Plan.

The European Semester begins towards the end of the year, when the Commission publishes its autumn package. The package includes recommendations for the euro area and an alert mechanism report.

In April, Member States submit progress reports to the EU on their compliance with their medium-term plans. 

The Commission draws up country reports and issues country-specific recommendations. The Council of the EU discusses and adopts country-specific recommendations over the summer. Member States are expected to incorporate the recommendations into national decision-making. The recommendations have provided guidance, for example, on the preparation of the Recovery and Resilience Plan and Medium-Term Plan.

The European Semester is complemented by a common budgetary timeline for the euro area Member States. In the spring, euro area Member States prepare a fiscal plan, and in the autumn, a draft budgetary plan. The Commission assesses compliance with the Stability and Growth Pact on the basis of these plans. The Eurogroup discusses the Member States’ plans and the state of public finances in the euro area.

European Semester in 2025 (Council of the European Union)

Commission press release on the Spring Package (26 November 2024)

Background on the European Semester (Council of the European Union)

Background on the economic governance (Council of the European Union)

Contact information

Head of Secretariat for EU and International Affairs
Marketta Henriksson
Tel. +358 2955 30441
marketta.henriksson(at)gov.fi

Senior Ministerial Adviser
Laura Vartia
Tel. +358 2955 30228
laura.vartia(at)gov.fi

Senior Ministerial Adviser
Antti Kekäläinen
Tel. +358 2955 30386
antti.kekalainen(at)gov.fi