Deal on economic governance legislation

On 16 September, the finance ministers of all the member states reached agreement on a package of six legislative acts (the "six-pack") to strengthen economic governance in the European Union, and more specifically in the eurozone.

© Mikhail Kukartsev - Fotolia.com

This informal meeting of the Economic and Financial Affairs Council, organised by the Council's Polish Presidency in Wroclaw, Poland, succeeded in resolving all the outstanding issues, thus making it possible to have the package finalised in October.

Four of the six acts are aimed at strengthening budgetary discipline by reforming the EU's Stability and Growth Pact, while the other two should enhance economic stability by targeting macroeconomic imbalances within the EU.

According to the Polish Presidency, the next steps scheduled in the finalisation process are: 

- Completion by the Presidency of the necessary formal procedures.
- Vote in the European Parliament at its September plenary session.
- Official approval by the Ecofin Council on 4 October.

The new rules are expected to enter into force as soon as possible, before the end of the year.

More information:
Presidency statement on the agreement on the 6-pack (pdf)