European semester has been taking place every year since January 1, 2011. Its aim is to assess economic situation in the EU as a whole and in each EU Member State, as well as propose recommendations for the EU Member States with regard to the implementation and strengthening of their economic policies. The Europe 2020 Strategy, National Reform Programmes and Stability/Convergence Programmes (hereinafter – national programmes) of the EU Member States is the key element in the coordination and monitoring of economic policies of the EU Member States within the European semester. The European semester lasts from January until July, when the EU Member States submit their updated national programmes to the European Commission by the end of April, the European Commission evaluates national programmes of the EU Member States and their progress in the implementation of structural reforms, presents its proposal for the EU Council’s country-specific recommendations at the end of May that are being adopted by the European Council at the end of June.
National Reform Programme of Latvia for the Implementation of the Europe 2020 Strategy (Latvia’s NRP) has been adopted by the Cabinet of Ministers on April 26, 2011 simultaneously with the Convergence Programme of Latvia for 2011-2014. Both programmes had been submitted to the European Commission on April 29, 2011. According to the European semester process Latvia on the annual basis updates and submits both programmes to the European Commission.
Latvia’s NRP includes description of the mid-term macroeconomic scenario of Latvia, reflects key macro-structural bottlenecks and main policies to tackle them, as well as quantitative targets of Latvia within the Europe 2020 Strategy and main policies for their achievement. Latvia’s goal is to foster growth and jobs by ensuring 4-5% annual average growth and 73% employment level by 2020. More information…