Sixpack (European Union law)

Sixpack refers to a total of six European legislative measures that bring the reform of the Stability and Growth Pact and the new macroeconomic surveillance procedure on the way. They were bundled in the negotiations between the European Council and European Parliament ( " six-pack "). The six-pack entered into force on 13 December 2011.

Four of the six instruments are used for the EU's Stability and Growth Pact reform. This reference values ​​for the annual government deficit ( 3% of gross domestic product, GDP) and the gross debt ratio (60 % of GDP) have been set. If these requirements are not complied with, the so-called " excessive deficit procedure " (EDP) is initiated.

In the Reformed with the provisions Sixpack greater weight is given to the reduction of the public deficit. Member States with a debt of more than 60% of GDP will be required to reduce this, even if their annual government deficit below the reference value of 3% of GDP.

To enforce budgetary discipline in the member states of the euro area, the sanctions now engage earlier and more consistently than before. A country subject to an excessive deficit procedure is running or not responding to the recommendations in the course of an early warning by the ECOFIN Council can rate deposits totaling 0.1% of GDP will be required. If this country continues to disregard the recommendations or not enough of policy efforts, the deposit can be converted into a non-interest bearing. With continued non-compliance with the deposited contribution would be converted into a fine. In addition, the penalty would be triggered automatic than before: this, a more rigorous method is provided with a modified voting system in the Council.

At the same time the national accounts, statistics and forecasting practices of Member States shall be adapted to EU standards. If it is determined that a country has reported incorrect information, an additional penalty may be imposed.

The remaining two pieces of legislation relating to early warning for excessive macroeconomic imbalances and the associated correction mechanism. The method is based on a ' scoreboard ' of indicators with respect to foreign and private debt and competitiveness as well as in-depth analyzes and results in economic policy recommendations.

Specifically, these are the following regulations and guidelines:

Budgetary policy

1 Regulation of the European Parliament and of the Council amending Regulation (EC ) No 1466 /97 on the strengthening of budgetary surveillance and coordination of economic policies 2 Council Regulation amending Regulation (EC ) No 1467/ 97 on speeding up and clarifying the implementation of the excessive deficit procedure (EDP ) 3 Regulation of the European Parliament and of the Council on the effective enforcement of budgetary surveillance in the euro area 4 of the Council Directive on requirements for budgetary frameworks of the Member States

Macroeconomic imbalances

→ Main article: Macroeconomic imbalance procedure

5 Regulation of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances 6 Regulation of the European Parliament and of the Council on enforcement measures to correct excessive macroeconomic imbalances in the euro area

Itemization

  • European Monetary Union
  • Concept of European integration
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