Is the European Semester delivering a Wellbeing Economy?
Putting social and health goals on equal footing with economic objectives
The new European Commission has kicked off its term, built on a narrative of a competitive and prosperous Europe. Its new mandate offers an opportunity to reflect on what such an economy looks like. Does it put profit over all else, or is this the moment to transition to an economy that serves the wellbeing of people and the planet?
In a report published today, EuroHealthNet assesses whether the European Semester helps Member States make their economy more wellbeing-oriented. It finds that, while the Semester has made progress, more is needed to put social, health, and environmental goals on equal footing with fiscal and economic objectives. Only by doing so can it unlock its potential to deliver a Wellbeing Economy.
What is the European Semester?
The Semester is a core EU governance instrument used to align Member States’ policies and reforms towards common EU goals. Because it targets both economic and social policies, it can help shape policies that improve health and wellbeing and make progress towards a sustainable economic system.
Today, national Ministers of Economy and Finance meet to discuss the European Semester and the new economic governance framework. Wellbeing must be embedded in the Semester to ensure that the narrative on competitiveness supports social investments and avoids austerity measures.
Better indicators to measure wellbeing should be used, such as on mental health and loneliness, trust, health inequality, education, social inclusion, and health literacy, as well as health and wellbeing aspects in housing, climate change, and environmental pollution.
"Europe’s economy should, first and foremost, be at the service of the people. The EU already has a tool to drive the transition to a Wellbeing Economy: the European Semester. Our report offers four recommendations to tap into its potential."
Caroline Costongs
Director of EuroHealthNet
To ensure the European Semester is delivering wellbeing, EuroHealthNet calls to:
- Strengthen efforts to develop a European Wellbeing Framework within the European Semester process.
- Prioritise indicators that reflect wellbeing in the assessment of Member States’ progress on the economy and in the recommendations for action.
- Improve upward social convergence among Member States.
- Ensuring stronger social, health and green investment under the new economic governance framework.
Social and health investments have a high return for society and economic progress, and this insight must be better integrated into future European Semester processes. EuroHealthNet remains committed to monitoring and analysing the European Semester to achieve long-term societal wellbeing in Europe.
Related resources
An Economy of Wellbeing for Health Equity
Fostering a transition towards healthier, more inclusive, and sustainable societies
European Pillar of Social Rights Flashcard Tool
A guide for public health professionals and decision-makers
