Let’s check what this third priority out of six plus one priorities is about, what policies it contains and where progress can be seen.
In a nutshell: Individuals and businesses in the EU can only thrive if the economy works for them. Small and medium-sized enterprises are the backbone of the EU’s economy. It is also essential to strengthen them as well as to complete the Capital Markets Union and to deepen the Economic and Monetary Union.
What are the related policy areas?
For the economic union, the European Semester was created – check below
On 24 September 2020, the Commission adopted the new Capital Market Union action plan and proposed 16 legislative and non-legislative actions. Check details here.
On 04 March 2021 the Commission proposed the European Pillar of Social Rights Action Plan.
What is the European Semester? A framework for integrated surveillance and coordination of economic and employment policies across the European Union introduced in 2011.
The Commission published on 23 May 2022 the European Semester Spring package looking to sustain Europe's economic recovery and simultaneously phase out strategic dependence on Russian energy. The package provides guidance to Member States on how to respond to persisting and new challenges and deliver on shared objectives. This year, it also includes recommendations for reducing the dependency on fossil fuels through reforms and investments, in line with the REPowerEU priorities and the European Green Deal.