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Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the effective enforcement of budgetary surveillance in the euro area

Abstract

The key instrument for fiscal policy co-ordination and surveillance is the Stability and Growth Pact (SGP), which implements the Treaty provisions on budgetary discipline. Strengthening the Pact is important for both increasing the credibility of the agreed co-ordinated fiscal exit strategy and avoiding a repetition of past mistakes. The set of proposals now being presented aims to strengthen the Pact by: (i) improving its provisions in the light of experience, not least of the crisis; (ii) equipping it with more effective enforcement instruments; and (iii) complementing it with provisions on national fiscal frameworks.

Process

Commission Status

29/09/2010 Proposal Adopted by European Commission
Next Action: TBA

EU Parliament Status

30/09/2010

Received from Commission

23/6/11 EP opinion first rdg 

Next Action: TBA

Council Status

30/09/2010

Received from Commission

Discussions 

Next Action: TBA

Additional Comments

None

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