The reinforced Stability and Growth Pact (SGP) - the “Six-Pack”

On 13 December 2011, the reinforced Stability and Growth Pact  (SGP) enters into force with a new set of rules for economic and fiscal surveillance. These new measures, the so-called "Six-Pack", are made of five regulations and one directive. These enhance the prevention capabilities of the SGP by aiming at balancing all national budgets in the medium term and by employing a new early warning system on excessive imbalances, and underpin the corrective arm by strengthening and expanding the Excessive Deficit Procedure.

This change represents the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic Monetary Union almost two decades ago. It represents a major step towards economic stability, restoring confidence and preventing future crises in the euro area and the EU.