23 November 2011

Commission presents further economic governance proposals

Barroso presented the following key issues:

• that all euro area countries send their draft budget plans to the Commission, and at the same time publish them, by 15 October each year;
• that the Commission be able to request a new draft if it should have serious divergences between the draft budget and the Member State's Stability and Growth Pact commitments;
• that the Commission carry out closer monitoring of Member States under Excessive Deficit Procedure;
• that the Commission have the right to decide on enhanced surveillance of Member States facing severe threats to their financial stability and of the euro area as a whole;
• that the Council be able to recommend to a Member State that it request financial assistance;
• and that all euro area Member States be required to have in place independent fiscal councils and to prepare their budgets on the basis of independent forecasts.

Full speech

• MEMO (economic governance)
• MEMO (Green paper on eurobonds)
• Full Green Paper on eurobonds

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