22 February: European Commission presents report on Fiscal Compact implementation

February 22, 2017

Today, the European Commission has presented its report on the compliance by the relevant parties to the Treaty on the Stability, Coordination and Governance in the EMU (the TSCG) with their obligation to implement the Balance Budget Rule in their national legal orders. The TSCG in article 8(1) invites the Commission to present this report assessing the compliance of the national provisions in relation to Article 3(2) of the TSCG.

The Commission has drawn conclusions on the compliance of the national provisions taken as a whole, but has assessed the national provisions with respect to four elements: i) their legal status; ii) the formulation of the balanced budget rule; iii) the correction mechanism; iv) the role and independence of the monitoring institution.

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