The "two-pack" of proposals includes:
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a regulation for enhanced monitoring and assessment of draft budgetary plans of eurozone Member States, especially those subject to an excessive deficit procedure;
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a regulation on enhanced surveillance of eurozone Member States that are experiencing severe financial disturbance or request financial assistance.
The proposals were presented by the Commission in November 2011, following adoption of an initial "six-pack" of economic governance measures.
Under the two regulations:
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Member States would be required to forward to the Council and the Commission their draft budgetary plans for the next year by 15 October annually. Closer monitoring would apply to Member States in an excessive deficit procedure in order to enable the Commission to assess better whether there is a risk of non-compliance with the deadline to correct the excessive deficit;
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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 an excessive deficit procedure.
The Council agreed a general approach on the proposals in February. The Parliament established its negotiating position on 4 July, introducing significant changes to the texts. Negotiations between Council and Parliament started on 11 July.
Based on article 136 of the Treaty on the Functioning of the European Union, the regulations require a qualified majority of the 17 eurozone Member States for adoption by the Council, in agreement with the Parliament.
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See also ‘Two-pack’ and Single Supervisory Mechanism closer to a final agreement © Cyprus Presidency
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