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Economic governance package explained

Economic and monetary affairs − 26-03-2013 - 14:31 Update
 
 
A €100 note in slices   Six-pack of economic proposals

The EU agreed in the autumn of 2010 to tighten financial supervision in the private sector in an effort to head off any future financial crisis. On 28 September 2011 MEPs approved the so-called economic governance "six-pack" of new rules. This was followed by the "two-pack" initiative aimed at stepping up financial discipline within the eurozone, which MEPs approved on 12 March 2013. Read on to find out more about how the Parliament has been working to strengthen economic governance in Europe.


The two-pack measures are about stepping up the surveillance of eurozone members' national budgets and have more oversight of the economic policy plans of those that are in financial difficulties. Parliament wants to ensure that the corresponding Commission's powers are under democratic scrutiny.


Four of the six-pack proposals aim to strengthen the Stability and Growth Pact (SGP) and budgetary surveillance, while the remaining two focus on monitoring and controlling macro-economic imbalances within the EU.


Also in this focus

A €100 note in slices   Start   Euro signs under a magnifying glass   Green light for economic governance "two pack"   Jean-Paul Gauzès and Elisa Ferreira   Economic governance with a wider vision   Rapporteur Sylvie Goulard answering questions from the press after the vote   Parliament gives green light to future economic governance plans   Ms Wortmann-Kool   Wortmann-Kool: economic governance pillar of EU's competitiveness   The six rapporteurs: (L-R) Elisa Ferreira, Diogo Feio, Vicky Ford, Sylvie Goulard, Corien Wortmann-Kool, Carl Haglund   Economic governance: Parliament seals its position ahead of European Council   Demonstration May 27, 2011 in front of the Greek Parliament against a new austerity package©BELGA/AFP/A.Messinis   Preventing, fixing macro-economic imbalances   ITW with MEP Sharon Bowles   Economics committee chair on economic governance package: big shock for Council   empty cash box   EP committee wants stricter adherence to debt, deficit rules   Stethoscope sitting on a €10 bill   Economic governance: MEPs demand tougher sanctions for excessive deficits  
REF. : 20110429FCS18371