2017 Reform Programme and 2017 Convergence Programme of Sweden - Main contents
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official title
Council Recommendation of 11 July 2017 on the 2017 National Reform Programme of Sweden and delivering a Council opinion on the 2017 Convergence Programme of Sweden| Legal instrument | Recommendation |
|---|---|
| Original proposal | COM(2017)526  |
| CELEX number i | 32017H0809(26) |
| Document | 11-07-2017; Date of adoption |
|---|---|
| Publication in Official Journal | 09-08-2017; OJ C 261 p. 119-121 |
9.8.2017 |
EN |
Official Journal of the European Union |
C 261/119 |
COUNCIL RECOMMENDATION
of 11 July 2017
on the 2017 National Reform Programme of Sweden and delivering a Council opinion on the 2017 Convergence Programme of Sweden
(2017/C 261/26)
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 Sweden as one of the Member States for which an in-depth review would be carried out. |
(2) |
The 2017 country report for Sweden was published on 22 February 2017. It assessed Sweden’s progress in addressing the country-specific recommendation adopted by the Council on 12 July 2016, the follow-up given to the country-specific recommendations adopted in previous years and Sweden’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 Sweden is experiencing macroeconomic imbalances. In particular, persistent house price growth from already overvalued levels coupled with a continued rise in household debt poses risks of a disorderly correction. Although banks appear adequately capitalised, a disorderly correction could also affect the financial sector as banks have a growing exposure to household mortgages. In such a case, there could be spill-overs to neighbouring countries since Swedish banking groups are of systemic importance in the Nordic-Baltic region. Awareness of mounting risks among the Swedish authorities is high, and in recent years measures have been taken to rein in mortgage debt growth and increase housing construction. However, policy steps implemented so far have not been sufficient to address overheating in the housing sector. Overall, policy gaps remain in the area of housing-related taxation, the macroprudential framework, and in addressing bottlenecks for new housing supply as well as barriers to efficient usage of the existing housing stock. |
(3) |
On 28 April 2017, Sweden submitted its 2017 National Reform Programme and its 2017 Convergence Programme. In order 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... |
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