Press Release – Further strengthening euro area fiscal surveillance on EU Finance Ministers agenda
09.07.2012, 09:03 (CET)
The European Union’s Economy and Finance Ministers are expected to shape the Council’s position on the issue of the “two-pack”, two draft regulations on strengthened fiscal surveillance of the euro area, as they meet tomorrow, July 10, in Brussels. The ministers, convening for the first time in the ECOFIN Council under the Cyprus Presidency, are also expected to exchange views as a follow up to the European Council meeting of June 28-29.

In Tuesday’s ECOFIN meeting, ministers will discuss with a view to shaping the Council’s position on the issue of the “two-pack”, taking into account the adoption of the European Parliament’s position on June 13 and the outcome of the Ad Hoc Working Group on Economic Governance that took place on July 4.

The aim of the “two-pack” is to complement what has already been agreed under the “six-pack” legislation, mainly through enhancing macroeconomic surveillance for countries under Excessive Deficit Procedure or countries under a Macroeconomic Programme. There are also provisions for submitting draft budget plans to the European Commission in order to issue an Opinion.

Cyprus’ Minister of Finance, Vassos Shiarly, says:

“The Cyprus Presidency considers the “two-pack” as one of its most important priorities. In this respect, we will try our best so that Council and European Parliament could find common ground rapidly.”

“Compact for Growth and Jobs”

The ministers, who convene the day after the meeting of the Eurogroup, will also exchange views on what has been agreed during the last European Council of 28-29 June 2012. In that meeting, the heads of state or government decided on a "Compact for Growth and Jobs", providing a coherent framework for action at national, EU and euro area levels, using all possible levers, instruments and policies. The Compact includes, among other, provisions for the mobilisation of EUR 120 billion for boosting the Union’s economy, increase of European Investment Bank’s  paid-in capital by EUR 10 billion, swift implementation of the  Project Bond pilot phase and further deepening of  the Single Market.

According to Mr. Shiarly, the ECOFIN Council should act in a timely manner to build on the work of the European Council.

“During the last European Council meeting, significant decisions have been taken for the future of the Union.  It is up to us now to swiftly follow up and take the necessary concrete steps in order to materialise those decisions,” he says.

Finance and Economy Ministers are also expected to conduct a first exchange of views on European Commission’s proposal for the recovery and resolution of credit institutions and investment firms. They will also hold discussions on how to improve the European Semester process,which aims to improve the ex-ante coordination of economic policies within the EU and to embed EU policy guidance into national policy-making.


Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

Telephone: +32 27395152
Mobile: +32 473400441
Minister´s Communications Officer
George Sklavos

Ministry of Finance

Telephone: +357 22601268
Communications Officer
Panikos Constantinou

Ministry of Finance
Economic Governance
Telephone: +357 22601266


Watch ECOFIN public debate here -
10 am (CET)



09.07.2012 - 09.07.2012