Memo: Beyond the six pack and two pack: Economic governance explained

The lessons learned from the recent economic, financial and sovereign debt crisis have led to successive reforms of the EU's rules, introducing, among other things, new surveillance systems for budgetary and economic policies and a new budgetary timeline.

The new rules (introduced through the Six Pack, the Two Pack and the Treaty on Stability, Coordination and Governance) are grounded in the European Semester, the EU's policy-making calendar. This integrated system ensures that there are clearer rules, better coordination of national policies throughout the year, regular follow-up and swifter sanctions for breaching the rules. This helps Member States to deliver on their budgetary and reform commitments while making the Economic and Monetary Union as a whole more robust.

ESO: Background Information: 'Two-Pack' completes budgetary surveillance cycle for euro area and further improves economic governance http://www.europeansources.info/record/memo-two-pack-completes-budgetary-surveillance-cycle-for-euro-area-and-further-improves-economic-governance/

ESO: Background Information: Parliament to adopt 'six pack' EU budget rules http://www.europeansources.info/record/parliament-to-adopt-six-pack-eu-budget-rules/

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