Report from the Commission to the European Parliament and the Council on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area

Regulation (EU) No 473/2013 is one of the two legal acts of the economic governance package called ‘the two-pack’, which was designed to enhance surveillance and monitoring in the euro area. In particular, it allows for a strengthened surveillance of euro area Member States which are subject to an excessive deficit procedure (EDP), by means of additional reporting requirements, aiming at ensuring prevention and early correction of any deviations from the Council recommendations or decisions to give notice to correct the excessive deficit.

Article 10(3) of Regulation (EU) No 473/2013 empowers the Commission to adopt delegated acts in order to specify the content of the additional reporting that Member States in excessive deficit procedure shall submit to the Commission and to the Economic and Financial Committee of the Council. Those powers delegated to the Commission reflected a move towards continuous surveillance, in order to monitor more closely whether concerned Member States are on track to correct excessive deficit.

This report is required under Article 14(2) of Regulation (EU) No 473/2013. Pursuant to that provision, the power to adopt delegated acts is conferred on the Commission for a period of three years from 30 May 2013 and the Commission is required to prepare a report in respect of the delegation of power.