| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Memo |
| Series Details | MEMO/13/196 (12.03.13) |
| Publication Date | 12/03/2013 |
| Content Type | News, Overview |
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The global economic and financial crises exposed shortcomings in economic governance and budgetary surveillance at the EU level. These shortcomings were effectively addressed with the creation in 2010-2011 of the European Semester of economic policy coordination and the six legislative proposals known as the 'Six-Pack'. However, given the higher potential for spillover effects of budgetary policies in a common currency area, there is a clear need for still stronger mechanisms specifically for the euro area. To address this need, in November 2011 the Commission proposed two further Regulations to strengthen euro area budgetary surveillance. The European Parliament and the EU Council of Ministers have now agreed on the details of the so-called Two-Pack. This is a significant development, not only because it means that stronger coordination mechanisms will be in place in time for the 2014 budgetary cycle this autumn, but also because the agreement on the Two-Pack paves the way for further steps to be taken to reinforce the Economic and Monetary Union, as set out by the Commission in its ‘Blueprint for a Deep and Genuine EMU’ November 2012. |
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| Source Link | http://europa.eu/rapid/press-release_MEMO-13-196_en.htm |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
