The adoption of the intergovernmental agreement "Treaty on Stability, Coordination and Governance in EMU" (TSCG or "Fiscal Compact") and the strengthening of the EU economic governance framework based on EU law ("Six Pack" and "Two Pack") in reaction to the economic and financial crises of 2008, in particular in the Euro Area, have transformed European economic governance considerably.
While democratic legitimacy and accountability have to be guaranteed at the level at which decisions are taken and implemented, the European Parliament has long held the view that interparliamentary cooperation has an important complementary role to play in order to exchange ideas and best practices between the stakeholders.
At the initiative of the European Parliament Committees on Economic and Monetary Affairs (ECON), on Employment and Social Affairs (EMPL) and on Budgets (BUDG), and with the support of the Conference of Speakers of EU Parliaments for such a meeting, the European Parliament organised first interparliamentary event on the European Semester for Economic Policy Coordination in February 2012. In January 2013, this meeting was renamed the European Parliamentary Week and has become the fixed point in the calendar of interparliamentary activities since then.
During the Conference of the Speakers of the EU Parliaments in Nicosia in April 2013, an agreement was reached to implement the provisions of the Article 13 of the Fiscal Compact on the organisation of a Conference "...to discuss budgetary policies and other issues covered under [that] Treaty".
This Interparliamentary Conference was convened for the first time in Vilnius (16-17 October 2013), followed by meetings in Brussels (20-21 January 2014, co-hosted and co-presided over by the European Parliament and the Hellenic Parliament), Rome (29-30 September 2014) and again in Brussels (4 February 2015, co-hosted and co-presided over by the European Parliament and the Latvian Parliament). Following the adoption of basic principles by the Conference of the Speakers of the EU Parliaments in Rome in April 2015, the Interparliamentary Conference adopted Rules of Procedure at its meeting in Luxembourg (9-10 November 2015).
According to the Rules of Procedure, the conference shall be named "Interparliamentary Conference on Stability, Economic Coordination and Governance in the European Union". It shall provide a framework for debate and exchange of information and best practices in implementing the provisions of the Treaty in order to strengthen cooperation between national Parliaments and the European Parliament, and contribute to ensuring democratic accountability in the area of economic governance and budgetary policy in the EU, particularly in the EMU, taking into account the social dimension and without prejudice to the competences of EU Parliaments.