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EU economic governance: European Parliament approves Commission comprehensive package of proposals for legislative measures

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The European Parliament, sitting in Strasbourg on 28 September, approved the Commission's proposals for six pieces of legislation setting out robust new rules for the future economic governance of the EU and the euro area. This "six-pack" was tabled by the Commission exactly one year ago as part of its comprehensive response to the financial and economic crisis. It has been the subject of sometimes tough negotiations between the Council of Ministers and the European Parliament. But the outcome of these talks is legislation that will significantly strengthen the Stability and Growth Pact, put in place a system to prevent and correct macroeconomic imbalances, and in this way help to prevent future economic crises.

EU Finance Ministers are due to approve the package at their meeting on 4 October, thus sealing the deal. This will allow the new procedure to be applied in time for the next European Semester beginning in January 2012.

For the euro area to be credible – and this is not only the message of the federalists, this is the message of the markets – we need a truly Community approach. President of the European Commission José Manuel Barroso

Source: ECFIN e-news

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