EUR-Charts

The box at bottom on the left hand side must read:

Some important aspects:

• Coordination of their economic policies by the Member States;
• Obligation of the Member States to avoid or correct excessive government deficits, Art. 126 TFEU, further specified in Protocol No 12 and in the corrective part of the Stability and Growth Pact, laid down notably in Regulation 1467/97 (as last amended by Regulation 1177/2011); Deficit Procedure (2004);
• Obligation to reach medium-term budgetary objectives (MTOs), Art. 121 TFEU, further specified in the preventive part of the Stability and Growth Pact, laid down notably in Regulation 1466/97 (as last amended by Regulation 1175/2011);
• Macro-economic imbalances procedure (MIP), Arts. 121 and 136 TFEU (in so far as they specifically concern euro area Member States), further specified in Regulations1174/2011 and 1176/2011;
• Specific provisions on enhancing budgetary surveillance and addressing financial stability risks for euro area Member States, Arts. 121 and 136 TFEU, further specified in Regulations 1173/2011, 472/2013 and 473/2013;
• A permanent European Stability Mechanism (ESM), Art. 136(3) TFEU (see Chart 2/27), ESM Treaty (signed in February 2012 by the euro area Member States, in force since 27 September 2012); Pringle (2012). The ESM replaces the provisional European Financial Stabilisation Mechanism (EFSM; adopted on the basis of Art. 122(2) TFEU, Regulation 407/2010) and the European Financial Stability Facility (EFSF; created by the euro Member States under Luxembourg law);
• Treaty on Stability, Coordination and Governance (TSCG, including the so-called “Fiscal Compact”; signed in March 2012 by 25 of the then 27 Member States; in force since 1 January 2013).