2-pack: reinforced European surveillance of national budgets

The European Parliament has given its green light today to two European regulations that reinforce the European supervision of national budgets. Rapporteur Jean-Paul Gauzès and Shadow Rapporteur Marianne Thyssen welcome the approval of the Two-pack, which finally gives Europe stronger means to prevent excessive deficits and public debt.

"I am happy that, after months of discussions in which the EPP Group played an important role, we brokered an agreement on the 'Two-pack' which complements the existing Economic Governance Package (Six-pack). Today's decision is a further step towards restoring the EU's growth and an incentive for lasting economic recovery. With such rules in place, we will in the future be able to prevent the problems currently experienced by some countries and which have threatened the whole Eurozone," said Jean-Paul Gauzès MEP, Rapporteur on the regulation on the strengthening of the economic and budgetary surveillance of Member States experiencing financial difficulties, today.

"With the approval of these two new regulations the European Union now finally has all the tools to ensure budgetary discipline in the Member States. As regards a redemption fund or eurobills, the EPP Group has always agreed to have a serious and in-depth debate on these topics. We therefore welcome the creation of a group of experts that will analyse the possible merits, risks and requirements of joint debt issuance."

"We also welcome the fact that other political groups have understood the need for a more gradual and realistic approach in this regard, but we regret that important time was lost before an agreement was reached on the Two-pack," said Marianne Thyssen MEP, Shadow Rapporteur on the regulation on monitoring budgetary plans and ensuring the correction of excessive deficits of Eurozone Member States.