Mandate:   -   Paragraph 12 of the report by the Preparatory Committee

   -   Council Decision regarding a Sunset Clause for all Committees [C/M(2004)5, item 75] entered into force on 22 April 2004 [C/M(2004)10, item 143, IV, c)]

   -   Resolution of the Council concerning the Renewal of the Mandate of the Economic Policy Committee [C(2008)21] approved at its 1171st session held on 17th April 2008 [C/M(2008)7]

   -   Resolution of the Council concerning the Renewal of the Mandate of the Economic Policy Committee [C(2013)80] approved at its 1284th session held on 11th July 2013 [C/M(2013)15, item 127]

      Resolution of the Council concerning the Renewal of the Mandate of the Economic Policy Committee [C(2020)89] approved by Council written procedure on 26 June 2020

      Resolution of the Council concerning the Renewal of the Mandate of the Economic Policy Committee [C(2020)121] approved by Council written procedure on 10-11 December 2020

 

Resolution of the Council [C(2020)121]

DRAFT RESOLUTION OF THE COUNCIL RENEWING

THE MANDATE OF THE ECONOMIC POLICY COMMITTEE

THE COUNCIL,

HAVING REGARD to the Convention on the Organisation for Economic Co-operation and Development of 14 December 1960;

HAVING REGARD to the Rules of Procedure of the Organisation;

HAVING REGARD to the Revised Resolution of the Council on Partnerships in OECD Bodies [C(2012)100/REV1/FINAL];

HAVING REGARD to paragraph 12 of the Report of the Preparatory Committee concerning the mandate of the Economic Policy Committee, last revised in 2013 [C(2013)80] and last renewed in 2020 [C(2020)89];

HAVING REGARD to the recommendations of the In-depth Evaluation of the Economic Policy Committee [C(2019)108 & C/M(2019)13, Item 147];

HAVING REGARD to the proposed renewal and revision of the mandate of the Economic Policy Committee [C(2020)121];

DECIDES:

A.   The Economic Policy Committee (EPC) is renewed with the following revised mandate:

I.   Objectives

1.   The overarching aim of the EPC is to contribute to balanced and sustainable economic growth with due attention to social and environmental consequences.

2.   The mid-level objectives of the EPC are notably to promote responsible structural, fiscal and monetary policies and financial stability.

II.    Working methods

3.   In order to achieve these objectives, the EPC shall undertake economic surveillance of the economic and financial situation and policies of the Members, accession countries when relevant and Key Partners in attaining these objectives and undertake cross-country policy analysis in support of better policy setting.

4.   In reviewing economic policy, the EPC will:

a)   assess the use of fiscal, monetary, financial and structural policies to achieve these goals, and linkages between them, paying particular attention to the role of structural policies;

b)   pay special attention to risks to the outlook, global spill-over effects and establishing a climate of mutual understanding conducive to the harmonious adjustment of policies.

III.    Co-operation Arrangements

5.   The EPC shall:

a)   collaborate closely with other relevant bodies of the OECD on cross-cutting issues related to Committee work on employment, labour and social affairs, environment, finance, innovation, science and technology, trade;

b)   co-operate with other international organisations, such as the Bank for International Settlements (BIS) and (International Monetary Fund (IMF).

c)   consult and share information, as appropriate, with the Business and Industry Advisory Committee (BIAC) and the Trade Union Advisory Committee (TUAC).

B.   The mandate of the EPC shall remain in force until 31 December 2025.