CONTEXT  5

RECENT DEVELOPMENTS  5

OUTLOOK AND RISKS  8

MACROECONOMIC STABILIZATION POLICIES  14

A. Maintaining Price Stability  14

B. Ensuring Fiscal Sustainability Under Rising Spending Pressures  16

C. Pursuing a Contingent Policy Approach  18

ENHANCING RESILIENCE AND MEDIUM-TERM GROWTH  20

A. Boosting Energy Security  20

B. Addressing External Supply Risks  22

C. Strengthening Growth and Resilience with Win-Win EU-Level Reforms  24

D. Supporting Reforms with Stronger EU-Level Fiscal Coordination  28

SAFEGUARDING FINANCIAL STABILITY  32

STAFF APPRAISAL  35