EU legislation

This section brings together the main legislative and regulatory texts relating to the European Union’s fiscal framework.

Primary law of the European Union

The Treaty provisions governing the coordination of economic and budgetary policies within the European Union.

Treaty on the Functioning of the European Union (TFEU)

  • Art. 121  - Multilateral surveillance
  • Art. 126 - Excessive Deficit Procedure (EDP)
  • Art. 136 - Provisions specific to Member States whose currency is the euro
  • Protocol (no. 12) on the excessive deficit procedure

Treaty on Stability, Coordination and Governance (TSCG)

European Framework for Fiscal Governance

Economic governance reform - 2024

The main legal acts were adopted as part of the fiscal governance reform which came into force in 2024.

  • Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and multilateral fiscal surveillance, and repealing Council Regulation (EC) No 1466/97
  • Council Regulation (EU) 2024/1264 of 29 April 2024 amending Regulation (EC) No 1467/97 with a view to accelerating and clarifying the implementation of the excessive deficit procedure
  • Council Directive (EU) 2024/1265 of 29 April 2024 amending Directive 2011/85/EU on requirements for Member States’ budgetary frameworks

Stability and Growth Pact 

The founding regulations of the Stability and Growth Pact. Regulation (EC) No 1466/97 was repealed in 2024, whilst Regulation (EC) No 1467/97 remains in force as amended.

  • Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies - preventive arm (consolidated version)
  • Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure - corrective arm (consolidated version)

Six-Pack - 2011

  • Council Directive 2011/85/EU of 8 November 2011 on requirements for Member States' budgetary frameworks 
  • Regulation (EU) No 1173/2011 of the European Parliament and of the Council of 16 November 2011 on the effective enforcement of budgetary surveillance in the euro area 
  • Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 laying down implementing measures to correct excessive macroeconomic imbalances in the euro area
  • Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances

Two-Pack - 2013

  • Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or at risk of serious difficulties with regard to their financial stability 
  • Regulation 473/2013 of the European Parliament and of the Council of 21 May 2013 laying down common provisions for the monitoring and assessment of draft budgetary plans and for ensuring the correction of excessive deficits in euro area Member States

Additional reference documents relating to fiscal governance

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