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Published: 2002

Total Pages: 364

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The EU has a well-defined economic policy strategy that is oriented towards the pursuit of growth- and stability-oriented macroeconomic policies, capable of adequately responding to changing economic circumstances in the short run, and towards improving the long-term capacity for sustainable, job-creating and non-inflationary growth. The 2002 broad economic policy guidelines (BEPGs) adapt and update this strategy in the light of the political orientations of the Barcelona European Council (15 and 16 March 2002), also taking into account the development of the sustainable development strategy. They have been drawn up against the background of the examination of the implementation of the 2001 BEPGs and the assessment of the economic situation and outlook as presented in the Commission's spring 2002 economic forecasts. Section 2 sketches the economic background to these guidelines and identifies the key economic policy challenges. Section 3 then describes the general policy recommendations that are applicable to all Member States and the Community. Within the overall strategy, policy priorities differ somewhat across Member States due to differences in economic performance, prospects, structures and institutions. Taking due account of them, Part II presents the country- specific economic policy guidelines. In line with the Barcelona European Council's call to streamline relevant processes and to focus on implementation rather than on the annual elaboration of guidelines, the format and frequency of the BEPGs may change as from 2003. Against this background, the 2002 BEPGs opt for continuity with the previous year's edition.