The Council agreed with the European Commission that improving confidence, reviving economic growth, ensuring debt sustainability and improving competitiveness, whilst creating the conditions for sustainable growth and jobs in the longer term, are of particular importance at the current juncture.

The 2013 European Semester conclusions were adopted by the EU Finance Ministers based of two reports submitted by the European Commission: the annual growth survey and the alert mechanism report. Regarding the annual growth survey, the Council agreed that the priorities identified in the 2012 survey remain valid for 2013. As concerns the alert mechanism report, the Council acknowledged that many EU economies continue to face important challenges in correcting macroeconomic imbalances accumulated before the economic crisis. It welcomed implementation of structural reforms in the member states, leading to gains in competitiveness and a rebalancing in the EU and within the euro area. Recently, the European Parliament Vice-President Othmar Karas also highlighted that National parliaments must play a much more active role in the European Semester.

The Council also adopted conclusions on the Commission's 2012 fiscal sustainability report. The report assesses the sustainability of public finances in the member states on the basis of long-term budgetary projections, incorporating the implications of the financial, economic and fiscal crisis, as well as the impact of ageing populations.

On the other hand, EU Finance Ministers adopted a recommendation to the European Parliament on the discharge to be given to the Commission for implementation of the EU’s general budget for 2011. The Council reaffirmed the importance it attaches to the sound management of EU funds, given the share of spending that continues to be affected by material error. Moreover, the Council adopted conclusions setting its priorities for the EU's general budget for 2014. The conclusions emphasise the need to maintain budgetary discipline at all levels, in a context where many member states are seeking to reduce their deficit and debt levels.