The European Commission said it will in future make an assessment every January of progress on broad economic policy guidelines, employment and internal market.
It said it is to streamline its development process so that recommendations on the three policy areas are made at the same time to boost coherence and transparency.
Reports evaluating the performance of all three economic policy areas will be presented in January rather than at different times of the year.
Policy guidance will then be proposed in April following the annual Spring Economic Council. Member states leaders will then be in a position to draw up their conclusions on all three areas at the June European Council.
The guidelines for each of these areas will now be extended over a three year timeframe to strengthen their medium-term perspective, said a spokesman for monetary and economic affairs.
Mr Pedro Solbes and MS Anna Diamantopoulou, EU Commissioners for Economic and Financial Affairs and Employment and Social Affairs, respectively, said: "These improvements will strengthen the medium-term focus of policy making and give greater prominence to the effective implementation of policies and thus to concrete results for Europe's citizens in terms of jobs and prosperity."
"Increased transparency, better policy coherence and a stronger commitment of all stakeholders will facilitate progress towards reaching the EU's ambitious economic objectives agreed in Lisbon," they said.