EU emphasizes structural reforms in country-specific recommendations

The European Commission on Wednesday issued its 2016 country-specific recommendations (CSRs), with the major emphasis on the structural reforms needed to strengthen the EU's economic recovery.

Member states are making progress with reforms and addressing macroeconomic imbalances, but more is needed to consolidate Europe's recovery, said the Commission

"Today's economic package places major emphasis on the structural reforms needed to strengthen the EU's economic recovery," said Commission Vice President Valdis Dombrovskis, responsible for the Euro and Social Dialogue.

Modernizing labor, product and service markets, making it easier to do business, for example, by reforming public administration and making tax systems fairer and more efficient, would help open up more job and investment opportunities in the EU, he added.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said slower global growth and high uncertainty mean "we must accelerate our efforts to strengthen the European economy through well-targeted reforms."

"Responsible fiscal policies should also support job creation and help to spread the fruits of the recovery more widely," he added.

Apart from structural reforms, the CSRs also put emphasis on investment which is still low compared to pre-crisis levels but is gaining traction.

It additionally recommended member states such as Portugal and Spain to pursue responsible fiscal policies and ensure growth-friendly composition of budgets. Endit