February 2015

Did you Know?

In order to combat the European Economic Crisis the EU has developed the European Union’s ten-year jobs and growth strategy: Europe 2020.

EDC News: Europe 2020 Growth Strategy!!!

The European Economic Crisis was the cause of many economic and structural weaknesses in the European Union. Therefore, it was vital that the EU found ways to counteract these weaknesses. The European Commission’s proposed solution was to create conditions forsmart, sustainable and inclusive growth with greater coordination of national and European policy. The guidelines and targets for this growth are laid out in the Europe 2020 strategy

The Strategy categorises five headline targets to be achieved by the end of 2020:

• Employment - 75% of the 20-64 year-olds to be employed

• Research and development - 3% of the EU's GDP to be invested in R&D

• Climate/energy - greenhouse gas emissions 20% (or even 30%, if the conditions are right) lower than 1990; 20% of energy from renewables; 20% increase in energy efficiency

• Education - Reducing the rates of early school leaving below 10%; at least 40% of 30-34–year-olds completing third level education

• Social inclusion and poverty reduction - at least 20 million fewer people in or at risk of poverty and social exclusion

The targets are broken further down into seven flagship initiatives to boost growth and jobs:

• Smart growth – directed to improving EU’s performance in education, R&D and digital society

  • Digital agenda for Europe

  • Innovation Union

  • Youth on the move

• Sustainable growth - for a resource efficient, low carbon and more competitive economy

  • Resource efficient Europe

  • An industrial policy for the globalisation era

• Inclusive growth - with a strong emphasis on job creation and poverty reduction

  • An agenda for new skills and jobs

  • European platform against poverty

The EU recognised that ‘coordination’ at both EU and national levels is vital for the success of these targets. Therefore, a strong and effective system of economic governance was set up to coordinate policy actions at all levels. The European Commission monitors progress throughout European Semester, the EU's yearly cycle of economic and budgetary coordination.

For further information:

• Europe 2020 Strategy (Full text)

• Europe 2020 in Cyprus

• 2015 Commission proposal for:

  • Broad guidelines for the economic policies of the Member States and of the Union

  • New guidelines for the employment policies of the Member States

• Other tools for growth and jobs

• Key areas: comparing Member States' performances

Related official publications, which can be downloaded free of charge in pdf format:

• Delivering on the Europe 2020 strategy

• Europe 2020 strategy - European semester 2012: contributions from Economic and Social Councils and similar institutions from EU Member States

• "Smarter, greener, more inclusive? Indicators to support the Europe 2020 strategy (2015 edition)"