The European Semester is a new institutional process that provides Member
States with ex-ante guidance on fiscal and structural objectives. The
Semester’s goals are ambitious and it is still uncertain how it will fit into the
new EU economic governance framework. We find that Member States are
only slowly internalising the new procedure. Furthermore, the Semester has so
far lacked legitimacy due to the minor role assigned to the European
Parliament, the marginal involvement of National Parliaments and the lack of
transparency of the process at some stages. Finally, there remains room to
clarify the implications from a unified legal text. In fact, diluting the legal
separation of recommendations on National Reform Programmes and Council
opinions on Stability and Convergence Programmes may compromise effective
surveillance and governance. The European Parliament has an important role
to play. It needs hold the Commission and the Council accountable. This and
the overall objective of enhancing the new procedure’s effectiveness and
legitimacy can be done by means of a regular Economic Dialogue on the
Semester.
