2017 Reform Programme and 2017 Convergence Programme of Croatia - Main contents
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official title
Council Recommendation of 11 July 2017 on the 2017 National Reform Programme of Croatia and delivering a Council opinion on the 2017 Convergence Programme of Croatia| Legal instrument | Recommendation |
|---|---|
| Original proposal | COM(2017)510  |
| CELEX number i | 32017H0809(10) |
| Document | 11-07-2017; Date of adoption |
|---|---|
| Publication in Official Journal | 09-08-2017; OJ C 261 p. 41-45 |
9.8.2017 |
EN |
Official Journal of the European Union |
C 261/41 |
COUNCIL RECOMMENDATION
of 11 July 2017
on the 2017 National Reform Programme of Croatia and delivering a Council opinion on the 2017 Convergence Programme of Croatia
(2017/C 261/10)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 121(2) and 148(4) thereof,
Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (1), and in particular Article 9(2) thereof,
Having regard to Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (2), and in particular Article 6(1) thereof,
Having regard to the recommendation of the European Commission,
Having regard to the resolutions of the European Parliament,
Having regard to the conclusions of the European Council,
Having regard to the opinion of the Employment Committee,
Having regard to the opinion of the Economic and Financial Committee,
Having regard to the opinion of the Social Protection Committee,
Having regard to the opinion of the Economic Policy Committee,
Whereas:
(1) |
On 16 November 2016, the Commission adopted the Annual Growth Survey, marking the start of the 2017 European Semester for economic policy coordination. The priorities of the Annual Growth Survey were endorsed by the European Council on 9-10 March 2017. On 16 November 2016, on the basis of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism Report, in which it identified Croatia as one of the Member States for which an in-depth review would be carried out. |
(2) |
The 2017 country report for Croatia was published on 22 February 2017. It assessed Croatia’s progress in addressing the country-specific recommendations adopted by the Council on 12 July 2016, the follow-up given to the country-specific recommendations adopted in previous years and Croatia’s progress towards its national Europe 2020 targets. It also included an in-depth review under Article 5 of Regulation (EU) No 1176/2011, the results of which were also published on 22 February 2017. The Commission’s analysis led it to conclude that Croatia is experiencing excessive macroeconomic imbalances. In particular, in 2016, the general government debt ratio moved onto a declining path, but public debt is exposed to currency risk, and fiscal sustainability risks remain high in the medium term. Private-sector debt has been decreasing, but remains high, especially in the corporate sector, and is heavily exposed to currency risk. The financial sector is set to support the recovery, but remains exposed to currency-induced credit risk, and the non-performing loans ratio is still high. The unemployment rate is falling rapidly as a result of moderate job creation and a shrinking labour force. Finally, a cumbersome business environment depresses productive investment and productivity growth. |
(3) |
On 27 April 2017, Croatia submitted its 2017 National Reform Programme and its 2017 Convergence Programme. To take account of their interlinkages, the two programmes have been assessed at the same time. |
(4) |
Relevant country-specific recommendations have been addressed in the programming of the European Structural and Investment Funds (ESI Funds) for the 2014-2020 period. As provided for in Article 23 of Regulation (EU) No 1303/2013 of the European Parliament and of the Council (3), where it is necessary to support the implementation of relevant Council recommendations, the Commission may request a Member State to review and propose amendments to its Partnership Agreement and relevant programmes. The Commission has provided further details on how it... |
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