The package includes the Alert Mechanism Report (AMR), which is the starting point of the annual cycle of the macroeconomic imbalance procedure (MIP), which aims to identify and address imbalances that hinder ‘the proper functioning of the economy of a Member State or of the economic and monetary union, or of the Union as a whole'.
It also includes the Annual Sustainable Growth Strategy 2020. The European Green Deal is advanced as the EU’s new growth strategy. It puts sustainability – in all of its senses – and the well-being of citizens at the centre of our action. This requires bringing together four dimensions:
• Environment (focus on leading the transition to a nature-friendly and climate neutral continent by 2050, while ensuring that everyone can take advantage of the opportunities that this will bring along);
• Productivity (by developing new technologies and sustainable solutions, Europe can be at the forefront of future economic growth and become a global leader in an increasingly digitalised world, including in key areas for its technological sovereignty such as cybersecurity, artificial intelligence and 5G);
• Stability (the Union needs to complete its Economic and Monetary Union to ensure that all economic tools are ready and available should there be a significant adverse economic shock.
• Fairness (the new economic agenda must ensure that the transition is fair and inclusive and puts people first. It must pay particular attention to the regions, industries and workers who will have to make the largest transitions).
By developing this new approach in this Semester cycle and over the years to come, the European Semester will directly support the European Union and its Member States in delivering the SDGs (United Nation Sustainable Development Goals) across its economic and employment policies and ensure that the economy works for everyone and growth is sustainable.
Another document within the Autumn Package is the Euro area recommendation, including the explicit recommendation to strengthen education and training systems and investment in skills. Increase the effectiveness of active labour market policies that support labour market integration and successful labour market transitions, including to more digital and green jobs.