- 2020SGP review
A second review of the ‘Six Pack’ and ‘Two Pack’ rules, which is called for in the legislation, reveals strengths as well as possible areas for improvement. On the basis of the review, the Commission launches a public consultation on ways to improve the framework for EU macroeconomic surveillance. While this consultation is put on hold at the onset of the COVID-19 pandemic, it is relaunched in October 2021.
- 2015SGP flexibility
The Commission issues guidance on how it will apply the SGP rules to strengthen the link between structural reforms, investment and fiscal responsibility in support of jobs and growth.The Council endorses this position in November 2015.
- 2014SGP review
A review of the ‘Six Pack’ and ‘Two Pack’ rules, which is called for in the legislation, determines that the legislation had contributed to the progress of fiscal consolidation in the EU. The review highlights some strengths as well as possible areas for improvement, which are discussed with the European Parliament and Member States.
- 2013Fiscal compact and Two-Pack
The ‘Fiscal Compact’, which is part of the intergovernmental Treaty on Stability, Coordination and Governance (TSCG) requires national provisions to target the budgetary objectives set by the SGP.
Adherence to the SGP is further strengthened by a new law for euro area Member States, part of the legislation known as the ‘Two Pack,’ which reinforces economic coordination and introduces new monitoring tools. Further details on the implementation of the ‘Two Pack’ provisions are laid down in ‘Code of Conduct’ (last revised in September 2016).
- 2011Six Pack
Following the onset of the economic and financial crisis, the SGP is made more comprehensive and predictable as part of a a major enhancement of the EU’s economic governance rules through a collection of new laws, known as the ‘Six Pack’. The monitoring of both budgetary and economic policies is organised under the European Semester. Minimum requirements are introduced for national budgetary frameworks.
- 2005SGP amendment
EU lawmakers amend the SGP to allow it to better consider individual national circumstances and to add more economic rationale to the rules. Further details on the implementation of the SGP’s rules are laid down in a ‘Code of Conduct (last revised in May 2017).
- 1999Corrective rules
The SGP’s corrective rules enter into force.
- 1998Preventive rules
The SGP’s preventive rules enter into force.
- 1997Stability and Growth Pact
EU Member States agree to strengthen the monitoring and coordination of national fiscal and economic policies to enforce the deficit and debt limits established by the Maastricht Treaty. The Stability and Growth Pact is born.
- 1992Maastricht Treaty signed
EU Member States sign the Maastricht Treaty, paving the way for the creation of the euro as the common currency of the EU. The treaty limits government deficits to 3% of GDP and public debt levels to 60% of GDP, or sufficiently diminishing towards and approaching that level at a satisfactory pace, so as to enable countries to share a single currency.