Diario Oficial de la Unión Europea del 23/5/2023 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
EN
23.5.2023
Official Journal of the European Union
C 180/1
I
Resolutions, recommendations and opinions
RECOMMENDATIONS
COUNCIL
COUNCIL RECOMMENDATION
of 16 May 2023
on the economic policy of the euro area 2023/C 180/01
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 1361 in conjunction with Article 1212 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 52 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 61 thereof, Having regard to the recommendation of the European Commission, Having regard to the conclusions of the European Council, After consulting the Economic and Financial Committee, After consulting the Economic Policy Committee, Whereas:
1
The euro areas economic recovery in the period following the COVID-19 pandemic has been interrupted by a series of external shocks. Thanks, in particular, to a decisive economic policy response, both at national and Union level, and to the lifting of containment measures, the euro area posted solid GDP growth in 2021 and 2022, namely 5,3 % and 3,5 % respectively. The labour market also proved resilient, with unemployment reaching a record low rate of 6,7 % in 2022. However, the increase in global energy prices, heightened uncertainty and supply chain disruptions induced by Russias war of aggression against Ukraine resulted in a clear deceleration in economic activity in the second half of 2022. The energy crisis has led to a downward reassessment of forecasts for 2023.
Overall, GDP growth in the euro area is set to decrease to only 0,3 % in 2023 before returning to 1,5 % in 2024.
The energy market and other commodities markets have been fuelling inflation, which over time has broadened
1 OJ L 209, 2.8.1997, p. 1.
2 OJ L 306, 23.11.2011, p. 25.
