Legal basis of the Stability and Growth Pact

The legal basis of the stability and growth pact (SGP) are Articles 121 and 126 of the Treaty on the Functioning of the European Union (TFEU).

Protocol 12 of the Treaty gives further details on the excessive deficit procedure, including the reference values on deficit and debt. Article 136 of the TFEU provides for specific provisions to be adopted for the euro area. It is the basis for a sanctions regulation for euro area countries (included in the so-called six pack) and the so-called two pack regulation, which includes enhanced monitoring and surveillance in the euro area. 

• Art. 121 of the Treaty (ex Art. 99 TEC) - multilateral surveillance
• Art. 126 of the Treaty (ex Art. 104 TEC) - the Excessive Deficit Procedure (EDP)
• Protocol (No 12) on the Excessive Deficit Procedure annexed to the Treaty
• Art. 136 of the Treaty - specific economic policy guidelines for the euro area to strengthen coordination and surveillance of budgetary discipline, in accordance with the relevant procedures from Articles 121 and 126

• Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97
• Guidance to Member States on the Information Requirements for the Medium-Term Fiscal-Structural Plans and for the Annual Progress Reports
• Council Regulation (EC) 1467/97 on speeding up and clarifying the implementation of the Excessive Deficit Procedure (the corrective arm of the Stability and Growth Pact)
• Council Regulation (EC) 479/2009 on the application of the Protocol on the EDP
• Regulation (EU) No 1173/2011 on the effective enforcement of budgetary surveillance in the euro area – sanctions regulation
• Regulation (EU) No 1174/2011 of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area
• Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances
• Directive 2011/85/EU on requirements for budgetary frameworks of the Member States
• Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area
• Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability

Vademecum

• Vade mecum on the Stability and Growth Pact - 2019 Edition
• Vade mecum on the Stability and Growth Pact - 2018 Edition
• Vade mecum on the Stability and Growth Pact - 2017 Edition
• Vade mecum on the Stability and Growth Pact - 2016 Edition
• Vade mecum on the Stability and Growth Pact - 2013 Edition
• Glossary
• Numerical examples and technical aspects for "hands-on" experts (2019 edition)

Code of conduct of the Stability and Growth Pact

• Version of 15 May 2017
• Version of 5 July 2016
• Version of 3 September 2012
• Version of 24 January 2012
• Version of 7 September 2010

Code of conduct of the Two-Pack

• Latest version (30 September 2016)

Treaty

• Resolution of the European Council on the Stability and Growth Pact, Amsterdam, 17 June 1997- established the political basis of the SGP. It contains commitments by Member States, the Commission and the Council on how to implement the SGP

Other documents

• Commonly agreed methodology for assessing effective action in the context of the excessive deficit procedure, endorsed by the ECOFIN on 6 December 2016
• Agreement on a stronger focus on the expenditure benchmark in the preventive arm, endorsed by the ECOFIN on 6 December 2016
• Commonly agreed position on flexibility within the SGP, endorsed by the ECOFIN on 12 February 2016
• Review of the flexibility under the SGP:
  • Communication of 23 May 2018
  • SWD accompanying the Communication
• Communication on Making the best use of the flexibility within the existing rules of the Stability and Growth Pact, of 13 January 2015
• Report on Completing Europe's Economic and Monetary Union, prepared by the President of the European Commission, in close cooperation with the Presidents of the Euro Summit, the Eurogroup, the European Central Bank, and the European Parliament, of 22 June 2015
• Economic governance review - Report on the application of Regulations (EU) n° 1173/2011, 1174/2011, 1175/2011, 1176/2011, 1177/2011, 472/2013 and 473/2013 (November 2014)
• Harmonized framework for draft budgetary plans and debt issuance reports within the euro area - Annex 1, Communication from the Commission, adopted in June 2013, and amended in October 2014
• Communication from the Commission on Common principles on national fiscal correction mechanisms (June 2012)
• The Treaty on Stability, Coordination and Governance (TSCG) (including Fiscal Compact) - inter-governmental treaty (March 2012)
• European Council Presidency conclusions of 22-23 March 2005 , endorsing and including the ECOFIN Council report of 20 March 2005 on "Improving the implementation of the Stability and Growth Pact"