The president of the European Commission presented on 12 January the first release of the Annual Growth Survey, which focuses on the coordinated efforts to be made by Members states and institutions and identifies the priorities to develop Europe's comprehensive plan to respond to the crisis and to speed up economic growth. This first Annual Growth Survey is the start of the first "European Semester" which changes the way governments shape their economic and fiscal policies.

As highlighted by president Barroso in its presentation, the Annual Growth Survey 2011 represents the beginning of a new phase of European integration. The European Union is setting out to break new ground and to decisively improve the way in which it manages and coordinates interdependent economies in the European Union. It materializes the actions foreseen in the legislative package on economic governance adopted by the European Commission in September 2010.

Following the announcement made in the launch of the Europe 2020 Strategy, and as part of the “European Semester”, the European Commission has elaborated its first Annual Growth Survey assessing the main economic challenges for the EU and identifying priority actions to address them. This first Survey will serve as an input to the Spring European Council.

Main areas and measures to be implemented in the context of the first Annual Growth Survey

Fundamental Prerequisites for Growth:

• Implementing a rigorous fiscal consolidation
• Correcting macro economic imbalances
• Ensuring stability of the financial sector

Mobilising Labour Markets, Creating Job Opportunities:

• Making work more attractive
• Reforming pensions systems
• Getting the unemployed back to work
• Balancing security and flexibility

Frontloading Growth:

• Tapping the potential of the Single Market
• Attracting private capital to finance growth
• Creating cost-effective access to energy