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 



  • 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 


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