EU legislation

The law of 12 July 2014 on the coordination and governance of public finances adopts number of elements from the so-called 'Fiscal Compact' into national law. It notably includes fiscal rules, closely aligned with those of the preventive arm of the Stability and Growth Pact.  

The law of 12 July 2014 also contains elements from the so-called Two-Pack and Six-Pack initiatives.

Treaty on Stability, Coordination and Governance  / Fiscal Compact

Treaty on the Functioning of the European Union (TFEU)

  • Art. 121  - multilateral surveillance
  • Art. 126 -  the 'Excessive Deficit Procedure' (EDP)
  • Art. 136 - dispositions propres aux États membres dont la monnaie est l'euro
  • Protocol (no. 12) on the Excessive Deficit Procedure

Stability and Growth Pact 

Six-Pack

Two-Pack

  • Regulation 473/2013 -  common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of Member States
  • Regulation 472/2013strengthening of economic and budgetary surveillance of Member States 

Economic governance reform - 2024

  • Regulation (EU) 2024/1263 - effective coordination of economic policies and on multilateral budgetary surveillance and repealing Regulation (EC) No 1466/97
  • Regulation (EU) 2024/1264 - amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure
  • Council Directive (EU) 2024/1265 - amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States

Others

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