Publication

On 4 October 2011, member states finance ministers approved compromise text shaping the EU economic governance reform package. The so-called “six-pack” is so far the most comprehensive change in the principles of the functioning of the Economic and Monetary Union since it was formed. The adopted provisions strengthen the position of the European Commission by introducing semi-automatic sanctions for breaches of the Stability and Growth Pact provisions. These changes depending on their consistent application in practice can help prevent problems of excessive indebtedness in the euro area in the future.