Sixpack (European Union law)
| European Union regulation | |
| Title | Sixpack (fiscal law package of 5 regulations and 1 directive) |
|---|---|
| Applicability | Member states of the European Union |
| Made by | European Parliament and Council |
| Made under | Article 136, 121 (6) and 126(14) of the TFEU |
| Journal reference | |
| History | |
| Date made | 8 and 16 November 2011 |
| Came into force | 13 December 2011 |
| Current legislation | |
| European Union regulation | |
| Title | Regulation 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. |
|---|---|
| Applicability | Member states of the Eurozone |
| Made by | European Parliament and Council |
| Made under | Article 136 and 121 (6) of the TFEU |
| Journal reference | L 140, 27.05.2013, p.11 |
| History | |
| Date made | 21 May 2013 |
| Came into force | 30 May 2013 |
| Implementation date | Most provisions: 30 May 2013 Some provisions: 31 Oct 2013 |
| Preparative texts | |
| Commission proposal | COM/2011/0821 final (2011/0386 COD) |
| Current legislation | |
| European Union regulation | |
| Title | Regulation on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability. |
|---|---|
| Applicability | Member states of the Eurozone |
| Made by | European Parliament and Council |
| Made under | Article 136 and 121 (6) of the TFEU |
| Journal reference | L 140, 27.05.2013, p.1 |
| History | |
| Date made | 21 May 2013 |
| Came into force | 30 May 2013 |
| Implementation date | 30 May 2013 |
| Preparative texts | |
| Commission proposal | COM/2011/0819 final (2011/0385 COD) |
| Current legislation | |
The EU economic governance, Sixpack describes a set of European legislative measures to reform the Stability and Growth Pact and introduces greater macroeconomic surveillance. These measures were bundled into a "six pack" of regulations, tabled in September 2010 as two versions respectively by the European Commission and a European Council task force. In March 2011 the ECOFIN council reached a preliminary agreement for the content of the Sixpack with the Commission, and negotiations for endorsement by the European Parliament then started. Ultimately it entered into force 13 December 2011, after one year of preceding negotiations. The six regulations aim at strengthening the procedures to reduce public deficits and address macroeconomic imbalances.
Look here if you wanted the health and safety six pack.
All 28 EU member states are committed by the paragraphs in the EU Treaty, referred to as the Stability and Growth Pact (SGP), to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year have a declining trend. Each year all EU member states are obliged to submit a SGP compliance report for the scrutiny and evaluation of the European Commission and the Council of Ministers, that will present the country's expected fiscal development for the current and subsequent three years. These reports are called "stability programmes" for eurozone Member States and "convergence programmes" for non-eurozone Member States, but despite having different titles they are identical in their content. After the reform of the SGP in 2005, these programmes have also included the Medium-Term budgetary Objectives (MTOs), being individually calculated for each Member State as the medium-term sustainable average-limit for the country's structural deficit, the Member State is also obliged to outline the measures it intends to implement to attain its MTO. If the EU Member State do not comply with both the deficit limit and the debt limit, a so-called "Excessive Deficit Procedure" (EDP) is initiated along with a deadline to comply, which outlines an "adjustment path towards reaching the MTO".
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