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European Council Agrees On Second Economic Governance Package

Thursday, 23 February 2012 | 00:00
The European Council has set out its position with a view to negotiations with the European Parliament on two draft regulations aimed at further strengthening economic governance in the euro area.
The agreement was reached at a meeting of the Economic and Financial Affairs Council.
The draft regulations are, one for enhanced monitoring and assessment of draft budgetary plans of euro area member- states, especially those subject to an excessive deficit procedure; and a regulation on enhanced surveillance of euro area member-states that are experiencing severe financial disturbance or request financial assistance.
On the basis of the Council's general approach, the Presidency will negotiate with the Parliament with a view to adopting the regulations at first reading.
This second package of proposals was presented by the European Commission in November following adoption of the so-called "six-pack" of economic governance proposals.
The two regulations will introduce provisions for enhanced monitoring of countries' budgetary policies.
Member-states would be required to submit annually to the Council and the Commission their draft budgetary plans for the next year by October 15. Closer monitoring would apply to member-states in excessive deficit procedure in order to enable the Commission to better assess whether a risk of non-compliance with the deadline to correct the excessive deficit exists.
Member-states experiencing severe difficulties with regard to their financial stability or receiving financial assistance on a precautionary basis would be subject to even tighter monitoring than member-states in excessive deficit procedure.
Source: RTT News
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