Raad kan formeel akkoord gaan met compromis over maatregelen 'Six-Pack' (en)

“I am glad to announce that Permanent Representatives have formally confirmed the deal which was brokered in Wroclaw last week. At this juncture I wish to pay an extra credit for a colossal work to our Hungarian predecessors. It is important to emphasise also that without the full commitment in the European Parliament and from all partners we wouldn't have been able to send this strong signal of confidence to the citizens. Once again a hard work and true engagement have allowed to break the image of inability to push forward the EU’s project.” - said Ambassador Jan Tombinski, Permanent Representative of Poland to the EU.

The so-called "six-pack" of measures is aimed at strengthening economic governance in the EU - specifically enhancing enforcement measures in the euro area - as part of the EU's response to the current turmoil on sovereign debt markets.

The measures set out to ensure the degree of coordination necessary to avoid the accumulation of excessive imbalances and to ensure sustainable public finances. This would enable the EU's monetary union to function properly in the long term.

Following intensive negotiations with representatives of the Parliament, provisional agreement was reached on 20 September. A letter has been sent to the Parliament to confirm the Council's acceptance of the compromise texts. The package will then be adopted by the Parliament in plenary session and by the Council without further discussion, once the texts have been finalised in all official languages].

More specifically, the measures set out to:

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  enhance budgetary discipline under the EU's Stability and Growth Pact, in order to ensure a satisfactory decline of public debt in the member states. This will involve enhancing the surveillance of fiscal measures, introducing provisions on national fiscal frameworks, and applying enforcement for non-compliant member states more consistently and at an earlier stage;
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  broaden the surveillance of the member states' economic policies, so as to cater adequately for macroeconomic imbalances. An alert mechanism will be introduced for the early detection of imbalances, to be assessed using a "scoreboard" of economic indicators, as well as an "excessive imbalance procedure" with enforcement for non-compliant member states.

The compromise with the Parliament in particular resolves the following issues:

• 1. 

  Transparency and semi-automaticity:
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  When adopting recommendations and decisions in the context of budgetary and macroeconomic surveillance, the Council is expected to, as a rule, follow the recommendations and proposals of the Commission or explain its position publicly.
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  Under certain conditions, a decision on non-compliance of member states with the preventive arm of the Stability and Growth Pact is adopted by the Council if not rejected by simple majority.
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  The relevant European Parliament committee may offer the opportunity to a member state concerned by Council recommendations and decisions adopted in the context of budgetary and macroeconomic surveillance to participate in an exchange of views. Member states' attendance is voluntary.
• 2. 

  In the context of macroeconomic imbalances, the compromise provides a new tool for early identification of excessive imbalances. Combined with a possibility to impose financial sanctions to those countries that do not take corrective action to reduce excessive imbalances, the Excessive Imbalance Procedure is a major step forward to prevent future crisis.