Two of the four macroeconomic adjustment programmes, Portugal and Ireland’s, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...

The emphasis of the European Semester should shift from economic policy coordination - intended as the process through which Member States commit to common rules and recommendations adopted by the Council of the European Union under the surveillance of the European Commission - to a stronger...