European Fiscal Compact
|Treaty on Stability, Coordination and Governance in the Economic and Monetary Union|
|Drafted||30 January 2012(treaty finalised)|
|Signed||2 March 2012|
|Effective||1 January 2013|
|Condition||Ratified by twelve eurozone countries|
|Signatories||25 EU member states (all except Croatia, Czech Republic and the United Kingdom) including all 18 eurozone states|
|Depositary||General Secretariat of the Council of the European Union|
|Languages||22 (All EU languages except Croatian & Czech)|
|Treaty on Stability, Coordination and Governance in the Economic and Monetary Union at Wikisource|
The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG or more plainly the Fiscal Stability Treaty), is an intergovernmental treaty introduced as a new stricter version of the previous Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories.
While the entire treaty applies to ratifying eurozone states, only Title V, covering euro summit participation, automatically applies for ratifying non-eurozone member states. However, these states can attach a declaration to their instrument of ratification stating their desire to also be bound by the treaty's fiscal provisions (Title III) and/or enhanced economic co-ordination provisions (Title IV). Both Denmark and Romania have declared themselves to be bound by all treaty titles, while Bulgaria declared itself bound by Title III.
Member states bound by the fiscal provisions of the treaty are required to have enacted, within one year of the Fiscal Compact entering into force for them, a domestic "implementation law" establishing a self-correcting mechanism, guided by the monthly surveillance of a governmentally independent fiscal advisory council, which shall guarantee their national budget be in balance or surplus under the treaty's definition. The treaty defines a balanced budget as a general budget deficit less than 3.0% of the gross domestic product (GDP), and a structural deficit of less than 1.0% of GDP if the debt-to-GDP ratio is significantly below 60% -or else it shall be below 0.5% of GDP. The treaty also contains a direct copy of the "debt brake" criteria outlined in the Stability and Growth Pact, which defines the rate at which debt levels above the limit of 60% of GDP shall decrease.
If the budget or estimated fiscal account for any ratifying state is found to be noncompliant with the deficit or debt criteria, the state is obliged to rectify the issue. If a state is in breach at the time of the treaty's entry into force, the correction will be deemed to be sufficient if it delivers sufficiently large annual improvements to remain on a country specific predefined "adjustment path" towards the limits at a midterm horizon. Should a state suffer a significant recession, it will be exempted from the requirement to deliver a fiscal correction for as long as it lasts.
Despite being an International treaty outside the EU legal framework, all treaty provisions function as an extension to existing EU regulations, utilising the same reporting instruments and organisational structures already created within EU in the three areas: Budget discipline enforced by Stability and Growth Pact (extended by Title III), Coordination of economic policies (extended by Title IV), and Governance within the EMU (extended by Title V). If a ratifying state bound by the fiscal provisions of the Fiscal Compact fails to enact the required "implementation law" within one year of the treaty's entry into force, it can ultimately be fined up to 0.1% of its GDP by the Court of Justice of the EU.
The treaty states that the signatories shall attempt to incorporate the Fiscal Compact into the EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1 January 2018 at the latest.
- 1 History
- 2 Content
- 3 Ratification and implementation
- 4 Fiscal compliance
- 5 See also
- 6 References
- 7 External links
Monetary policy in the Eurozone (the EU countries which have adopted the Euro) is determined by the European Central Bank (ECB). Thus the setting of central bank interest rates and monetary easing is in the sole domain of the ECB, while taxation and government expenditure remain mostly under the control of national governments, within the balanced budget limits imposed by the Stability and Growth Pact. The EU has a monetary union but not a fiscal union.
In October 2007, then ECB president, Jean-Claude Trichet, emphasised the need for the European Union (EU) to pursue further economic and financial integration within certain areas (amongst others labour mobility and flexibility and reaching retail banking convergence). If these fiscal policies were adhered to by all member states, the ECB believed that this would increase their competitiveness. In June 2009, recommendations were published by The Economist magazine and the International Monetary Fund which suggested that Europe establish a fiscal union comprising a: Bailout fund, banking union, mechanism to ensure the same prudent fiscal and economic policies were pursued equally by all states, and common issuance of eurobonds. Angel Ubide from the Peterson Institute for International Economics joined this view, suggesting that long term stability in the eurozone required a common fiscal policy rather than controls on portfolio investment.
Response to the sovereign debt crisis
Starting from early 2010, the proposal to create a much greater fiscal union, at least in the eurozone, was considered by many[vague] to be either the natural next step in European integration, or a necessary solution to the 2010 European sovereign debt crisis. Combined with the EMU, a fiscal union would, according to the authors of the Blueprint report, lead to much greater economic integration. However, the process of building a fiscal union is envisaged by them to be a long-term project. The presidents of the ECB, Commission, Council and Eurogroup published a blueprint for a deep and genuine EMU in November 2012, outlining the elements of a fiscal union which could be achieved in the short, medium and long-term. For the short term (0–18 months), only proposals within the existing competences of the EU treaties were considered, while more wide-reaching proposals requiring treaty amendments were only considered for longer time frames.
The blueprint report mentioned that the potential introduction of a common issuance of eurobills with 1-year maturity could be implemented in the medium term (18 months – 5 years ahead), while eurobonds with 10-year maturity could be implemented as the final step in the long-term (more than 5 years ahead). According to the authors of the Blueprint report, each step the EU take towards the sharing of common debt, the first of which is envisaged to include joint guarantees for debt repayment in conjunction with either a "debt redemption fund for excessive debt" or "issuance of some short-term eurobills", will need to be accompanied by increased coordination and harmonization of fiscal and economic policies in the eurozone. As such, the two reforms of the Stability and Growth Pact known as the sixpack (which entered into force December 2011) and twopack (planned entry into force in summer 2013), and the European Fiscal Compact (a treaty which largely mirrors these two EU reforms), represents, according to the authors of the Blueprint report, the first step towards the increased sharing and adherence to the same fiscal rules and economic policies, which they argue potentially paves the way for ratification in the medium term of a new EU treaty allowing for the common issuance of eurobills.
Proposal development: Sixpack, Twopack and Fiscal Compact
In March 2010, Germany presented a series of proposals to address the ongoing European sovereign debt crisis. They emphasised that the intention was not to establish a fiscal union in the short term, but to make the monetary union more resilient to crisis. They argued that the previous Stability and Growth Pact needed to be reformed to become more strict and efficient, and in return a European emergency bailout fund should be founded to assist states in financial difficulties, with bailout payments available under strict corrective fiscal action agreements – subject to approval by the ECB and Eurogroup. In case a non-collaborating state with an Excessive Deficit Procedure breached the called for adjustment path towards compliance, it should risk being fined or lose its payment of EU cohesion funds and/or lose its political voting rights in the Eurogroup. A call was also made to enforce the Coordination of economic policies between eurozone members, so that all states take an active part in each other’s policymaking. Throughout the following three years, these German proposals materialised into new European agreements or regulations after negotiations with the other EU member states.
The envisaged emergency bailout fund European Financial Stability Facility (EFSF) was the first proposal to become agreed to by the EU member states on 9 May 2010, with the facility being fully operational on 4 August 2010.
As a part of the proposed reform of the Stability and Growth Pact, Germany also presented a proposal in May 2010 that all Eurozone states should be obliged to adopt a balanced budget framework law into its national legislation, preferably at the constitutional level, with the purpose of guaranteeing future compliance with the pacts promise of having a clear cap on new debt, strict budgetary discipline and balanced budgets. Implementation of the proposed debt brake was by-itself envisaged to imply much tighter fiscal discipline compared to the existing EU rules requiring deficits of less than 3% of GDP. This proposal was later adopted as part of both the Fiscal Compact and Twopack regulations.
|This section's factual accuracy is disputed. (May 2013)|
In late 2010, proposals were made to reform some rules of the Stability and Growth Pact to strengthen fiscal policy co-ordination. In February 2011, France and Germany had proposed the 'Competitiveness Pact' to strengthen economic co-ordination in the eurozone. Spain also endorsed the proposed pact. German Chancellor Angela Merkel has also verbally championed the idea of a fiscal union, as have various incumbent European finance ministers and the head of the European Central Bank.
In March 2011, a new reform of the Stability and Growth Pact was initiated, aiming at strengthening the rules by adopting an automatic procedure for imposing penalties in case of breaches of either the deficit or the debt rules.
By the end of 2011, Germany, France and some other smaller EU countries went a step further and vowed to create a fiscal union across the eurozone with strict and enforceable fiscal rules and automatic penalties embedded in the EU treaties. German chancellor Angela Merkel also insisted that the European Commission and the Court of Justice of the European Union must play an "important role" in ensuring that countries meet their obligations.
In that perspective, strong European Commission "oversight in the fields of taxation and budgetary policy and the enforcement mechanisms that go with it could further infringe upon the sovereignty of eurozone member states". Think-tanks such as the World Pensions Council (WPC) have argued that a profound revision of the Lisbon Treaty would be unavoidable if Germany were to succeed in imposing its economic views, as stringent orthodoxy across the budgetary, fiscal and regulatory fronts would necessarily go beyond the treaty in its current form, thus further reducing the individual prerogatives of national governments.
|This section's factual accuracy is disputed. (May 2013)|
On 9 December 2011 at the European Council meeting, all 17 members of the eurozone agreed on the basic outlines of a new intergovernmental treaty to put strict caps on government spending and borrowing, with penalties for those countries who violate the limits. All other non-eurozone countries except the United Kingdom said they were also prepared to join in, subject to parliamentary vote. Originally EU leaders planned to change existing EU treaties but this was blocked by British prime minister David Cameron, who demanded that the City of London be excluded from future financial regulations, including the proposed EU financial transaction tax, thus a separate treaty was then envisaged, outside the formal EU institutions, as it had been with the first Schengen treaty in 1985.
On 30 January 2012 after several weeks of negotiations, all EU leaders except those from United Kingdom and Czech Republic endorsed the final version of the fiscal pact at the European summit in Brussels, though the treaty was left open to accession by any EU member state and Czech prime minister Petr Nečas said his country may join in the future. The treaty only becomes binding on the non-eurozone signatory states after they adopt the euro as their currency, unless they declare their intention to be bound by part, or all, of the treaty at an earlier date. The new treaty was signed on 2 March and will come into force on 1 January 2013, if it has been ratified (which requires the approval of national parliaments) by at least 12 countries that use the euro. Ireland held a referendum on the treaty on 31 May 2012, which was approved by 60.3%.
EU countries that signed the agreement will have to ratify it by 1 January 2013. Once a country has ratified the Treaty it has another year, until 1 January 2014, to implement a balanced budget rule in their binding legislation. Only countries with such rule in their legal code by 1 March 2013 will be eligible to apply for bailout money from the European Stability Mechanism (ESM).
Although the European Fiscal Compact was negotiated between 25 of the then 27 member states of the EU, it is not formally part of European Union law. It does, however, contain a provision to attempt to incorporate the pact into the Treaties establishing the European Union within five years of its entering into force.
|Wikisource has original text related to this article:|
The treaty is divided into 6 titles. The first explains that the aim of the treaty is to "strengthen the economic pillar of the economic and monetary union" and that the treaty should be fully binding on Eurozone countries. Title II defines its relation to EU laws and the Treaties of the European Union, applying the Fiscal Compact only "insofar as it is compatible". Title VI contains the final clauses regarding ratification and entry into force.
Three Titles (III-V) contain rules regarding fiscal discipline, coordination and governance.
Title III - Fiscal Compact
- Balanced budget rule: General government budgets shall be "balanced" or in surplus. The treaty defines a balanced budget as a general budget deficit less than 3.0% of the gross domestic product (GDP), and a structural deficit of less than 1.0% of GDP if the debt-to-GDP ratio is significantly below 60% – or else it shall be below 0.5% of GDP.
This rule is based upon the existing country-specific Medium-Term budgetary Objective's (MTO's), which were introduced by the preventive arm of the Stability and Growth Pact (SGP) in 2005, with an upper limit for structural deficits at 1.0% of GDP applying to all eurozone and ERM-II member states. The Fiscal Compact introduced a varying upper limit which depends on the debt-level of the state. When comparing the Fiscal Compact's new MTO rule with the currently applying country-specific SGP MTOs in 2012, it can be concluded that if the fiscal provisions of the treaty had applied immediately towards all EU member states, then only Hungary and the UK would have been required to introduce a stricter MTO (revising it down to 0.5% of GDP) - as a consequence.
- Debt brake rule: Member States whose government debt-to-GDP ratio exceeds the 60% reference level shall reduce it at an average rate of at least one twentieth (5%) per year of the exceeded percentage points, where the calculated average period shall be either the 3-year period covering the last fiscal year and forecasts for the current and next year, or the last three fiscal years. Rising debt levels for both of the rolling 3-year periods, are allowed for as long as the debt-to-GDP ratio of the state does not exceed 60%. If the European Commission had decided the interim values in the 3-year periods should have no direct influence on the reduction requirement at the end point of the period, then the formula would have been quiet simple (i.e. for a debt-to-GDP ratio recorded to be 80% by the end of the year preceding the latest fiscal year, then it should for the period covering the latest fiscal year and the subsequent forecast two years decline with at least: 1/20 * 20% = 1.0 percentage point per year, resulting in a limit of 77.0% three years later). As the European Commission decided interim values in the 3-year periods also should impact the final debt reduction requirement, they came up with this slightly more complicated benchmark calculation formula:
- bbt=60%+0.95/3*(bt-1-60%)+0.952/3*(bt-2-60%)+0.953/3*(bt-3-60%). The bb-value is the calculated benchmark limit for year t. The formula carry t year-indexes for backwards-checking. When checking forwards, the same formula is applied, just with all the t year-indexes being pushed two years forward. It shall be noted, that whenever a b input value (debt-to-GDP ratio) is recorded/forecast below 60%, its data-input shall be replaced by a fictive 60% value. If both the backwards looking debt brake check bt bbt and forward looking debt brake check bt+2 bbt+2, then a state will have been found breaching the debt brake rule - and provided no special "breach exemptions" can be found to exist then be subject either to start an automatic correction or face the opening up of a debt-breaching EDP by the European Commission.
- The above outlined debt brake rule, already entered into force at the EU level on 13 December 2011, as part of the amendment of EU Regulation 1467/97 introduced by the sixpack reform. As it is also an essential part of the Fiscal Compact, the signatories are encouraged to refer to EU Regulation 1467/97 when they implement the rule into domestic law. For transitional reasons, the regulation granted all 23 EU Member States with an ongoing EDP in November 2011, a 3-year exemption period to comply with the rule, which will start in the year when the member state have its 2011-EDP abrogated. For example, Ireland will only be obliged to comply with the new debt brake rule in 2019, if they, as expected, manage to correct their EDP in fiscal year 2015 - with the formal EDP abrogation then taking place in 2016. During the years where the 23 member states are exempted from complying with the new debt brake rule, they are still obliged to comply with the old debt brake rule that requires the debt-to-GDP ratios in excess of 60% to be "sufficiently diminished", meaning that it must approach the 60% reference value at a "satisfactory pace" ensuring it will succeed to meet the debt reduction requirement of the new debt brake rule three years after its EDP is abrogated. This special transitional "satisfactory pace" is calculated by the Commission individually for each of the concerned states, and is published to them in form of a figure for: The annually required minimum structural deficit adjustment in each of the 3 years in the transition period ensuring the compliance with the new debt brake rule by the end of the transition period.
- Automatic correction mechanism: If it becomes clear that the fiscal reality does not comply with the "balanced budget rule" or "debt brake rule", an automatic correction mechanism should be triggered. The exact implementation of this mechanism will be defined individually by each Member State, but it has to comply with the basic principles outlined in a directive, once this has been adopted. This Commission's draft, which was published in June 2012, directive contains common principles for the role and independence of institutions (such as a Fiscal Advisory Council) responsible at the national level for monitoring the observance of the rules, which is one of the key elements to ensure that the "automatic correction mechanism" will actually work.
- Correction of deficit/debt deviations: If a deviation is discovered, the automatic correction mechanism shall immediately correct the situation, unless the deviation has been caused by "extraordinary events outside control of the Member State" or the arrival of a severe economic downturn. Member States which were already subject to an "Excessive Deficit Procedure" (EDP) in November 2011 do not immediately have to start correcting the values down to the treaty limits, but must to comply with the "adjustment path" towards reaching their country-specific Medium-Term budgetary Objective (MTO), as outlined in its latest Stability/Convergence report, which each May and is subject to approval by the European Commission. The adjustment path towards reaching a MTO shall at minimum entail annual structural deficit improvements of 0.5% of GDP. The MTO depicts the maximum average structural deficit per year the country can afford, when targeting that the debt-to-GDP ratios shall be below 60% by 2013 at the latest, while also including the need each year for [clarify]
- Economic Partnership Programmes: Member States under an Excessive Deficit Procedure shall submit to the Commission and the Council an economic partnership programme for endorsement, detailing the necessary structural reforms to ensure an effective and durable correction of the excessive deficits. This shall be done each year in April, as part of the National Reform Programme report submitted to the Commission. The implementation of the programme, and the yearly budgetary plans consistent with it, are monitored not only by the state's Fiscal Advicery Council established by the treaty, but also by the Commission and the Council.
- Debt issuance co-ordination: Parties to the treaty need to report their plans for borrowing on the capital market to the European Council and the European Commission for "better coordination and planning".
- Embedding the Fiscal Compact rules into domestic law: All rules mentioned above shall be embedded in the national legal system of each state at the statutory level or higher, no later than 12 months after the treaty entered into force for the state. The European Commission is responsible for monitoring this, and shall submit an evaluation report. If any state legally bound by the fiscal provisions (Title III of the treaty) is reported to have a non-compliant implementation law, or if any ratifying state believes another states implementation law is non-compliant after the deadline for compliance, then the Court of Justice can be asked to judge the case, and in the event of finding support for the claim it will submit an enforcement ruling on the matter with a new deadline for compliance. If the non-compliance continues after several notifications by the Court of Justice to the State, then the court can impose a penalty of up to 0.1% of its GDP. The fine goes either to the ESM (if a eurozone state is fined) or to the general EU budget (in cases of fines imposed on non-eurozone state).
Title IV - Economic policy co-ordination and convergence
- Implementation and co-ordination of policies improving competitiveness, employment, public fiscal sustainability and financial stability: Member States are required to "take the necessary actions and measures in all the areas which are essential to the proper functioning of the euro area in pursuit of the objectives of fostering competitiveness, promoting employment, contributing further to the sustainability of public finances and reinforcing financial stability". All major economic policy reforms that a member state plans shall be discussed ex-ante and – where appropriate – coordinated among the eurozone members (including those non-Eurozone states bound by Title IV) and with the institutions of the European Union. As such, this rule can be argued to be similar to the commitments in the Euro Plus Pact.
- Enhanced fiscal co-ordination and co-operation: Contracting parties are committed "to make active use whenever appropriate and necessary" of two additional instruments: 1) "Measures specific to those Member States whose currency is the euro, as provided for in article 136 of the TFEU" (which relates to the already existing enhanced and more strict Stability and Growth Pact regulations applying only for Eurozone member states), and 2) "Enhanced co-operation, as provided for by the existing article 20 in the Treaty on European Union...on matters that are essential for the proper functioning of the euro area without undermining the internal market".
Title V - Governance of the Eurozone
- Meetings for policy governance: Title V of the treaty provides for Euro summits to take place at least twice a year, chaired by the President of the Euro summit to be appointed by Eurozone countries for a term that runs concurrent to the term of the President of the European Council. The meeting members include all heads of state from the Eurozone and the President of the European Commission, while the President of the European Central Bank is also invited. Agendas for the summits are limited to "questions relating to the specific responsibilities which the Contracting Parties whose currency is the euro share with regard to the single currency, other issues concerning the governance of the euro area and the rules that apply to it, and strategic orientations for the conduct of economic policies to increase convergence in the euro area." All heads of state from non-eurozone states which have ratified the treaty are also invited to take part in the meetings for agenda items related to "competitiveness for the Contracting Parties, the modification of the global architecture of the euro area and the fundamental rules that will apply to it in the future, as well as, when appropriate and at least once a year, in discussions on specific issues of implementation of this Treaty". The Eurogroup has been tasked with preparing and conducting the follow up work between Euro summit meetings, and for that purpose the President of the Eurogroup may also be invited to attend the summits.
The Fiscal Compact supplements pre-existing EU regulations for the Stability and Growth Pact (extended by Title III), coordination of economic policies (extended by Title IV), and governance within the EMU (Title V formalises a regulation for the existing Euro summit meetings of Eurozone members). Finally a tie exists to the European Stability Mechanism, which requires its Member States to have ratified and implemented the Fiscal Compact into national law as a pre-condition for receiving financial support.
Stability and Growth Pact regulation
The fiscal provisions introduced by the Fiscal Compact treaty (for those states legally bound by these measures) function as an extension to the Stability and Growth Pact (SGP) regulation. The SGP regulation applies to all EU member states, and has been designed to ensure that each state's annual budgetary plans are compliant with the SGP's limits for deficit and debt (or debt reduction). Compliance is monitored by the European Commission and by the Council. As soon as a Member State is considered to breach the 3% budget deficit ceiling or does not comply with the debt-level rules, the Commission initiates an Excessive Deficit Procedure (EDP) and submits a proposal for counter-measures for the member state to correct the situation. The counter measures will only be outlined in general, identifying the size and the time-frame of the needed corrective action to be undertaken, while taking into consideration country-specific risks for fiscal sustainability. Progress towards and respect of each specific state's Medium-Term budgetary Objective (MTO) shall be evaluated on the basis of an overall assessment with the structural balance as a reference, including an analysis of expenditure net of discretionary revenue measures. If a eurozone member state repeatedly breaches its "adjustment path" towards respecting the state's MTO and the fiscal limits outlined by the SGP, then the Commission may fine the state a percentage of its GDP. Such fines can only be rejected if the Council subsequently votes against the fine with a qualified 2/3 majority. EU member states outside the eurozone cannot be fined for breaches of the fiscal rules.
Ratification and implementation
In December 2012, Finland became the twelfth eurozone state to ratify the treaty, thus triggering its entry into force on 1 January 2013. For subsequent ratifiers, entry into force is on the first day of the month following their deposit of the instrument of ratification. Slovakia became a party to the treaty on 1 February 2013, as did Hungary, Luxembourg and Sweden on 1 June 2013, Malta on 1 July 2013, Poland on 1 September 2013, the Netherlands on 1 November 2013, Bulgaria on 1 February 2014 and the last signatory Belgium on 1 April 2014. The non-eurozone countries Denmark and Romania have declared themselves to be bound in full, while Bulgaria declared itself bound by Title III. Latvia became bound by the fiscal provision on 1 January 2014 when it adopted the euro.
The ratification processes is summarised in the table below. 23 countries submitted laws for ratification of the treaty according to a standard parliamentary ratification procedure. In Cyprus, ratification was performed by a governmental decree without involving the parliament. In Ireland, a referendum was held to approve a constitutional amendment that empowered the government to ratify the treaty.
|Austria[a]||Yes||4 Jul 2012||Federal Council||50%||103||60||0||30 Jul 2012|||
|6 Jul 2012||National Council||50%||42||13||0|||
|17 Jul 2012||Presidential Assent||–||Granted|||
|Belgium[a]||Yes||23 May 2013||Senate||50%||49||9||2||28 March 2014|||
|20 Jun 2013||Chamber of Representatives||50%||111||23||0|||
|18 Jul 2013||Royal Assent (Federal law)||–||Granted|||
|20 Dec 2013||
|14 Oct 2013||German-speaking Community||50%||19||5||0|||
|21 Dec 2013||French Community||50%||66||1||1|||
|20 Dec 2013||Brussels Regional Parliament||50%||62||10||2|||
|20 Dec 2013||
|19 Dec 2012||
|20 Dec 2013||COCOF Assembly||50%||56||3||1|||
|Bulgaria[c]||Yes||28 Nov 2013||National Assembly||50%||109||0||5||14 Jan 2014|||
|3 Dec 2013||Presidential Assent||–||Granted|||
|Cyprus[a]||Yes||20 Apr 2012||Council of Ministers||–||Approved||26 Jul 2012|||
|29 Jun 2012||Presidential Assent||–||Granted|||
|Denmark[d]||Yes||31 May 2012||Folketing||50%||80||27||0||19 Jul 2012|||
|18 Jun 2012||Royal Assent||–||Granted|||
|Estonia[a]||Yes||17 Oct 2012||Riigikogu||50%||63||0||0||5 Dec 2012|||
|5 Nov 2012||Presidential Assent||–||Granted|||
|Finland[a]||Yes||18 Dec 2012||Parliament||50%||139||38||1||21 Dec 2012|||
|21 Dec 2012||Presidential Assent||–||Granted|||
|France[a]||Yes||11 Oct 2012||Senate||50%[e]||307 (91%)||32 (9%)||8||26 Nov 2012|||
|9 Oct 2012||National Assembly||50%[e]||477 (87%)||70 (13%)||21|||
|22 Oct 2012||Presidential Assent||–||Granted|||
|Germany[a]||Yes||29 Jun 2012||Bundesrat||66.7%||65||0||4||27 Sep 2012|||
|29 Jun 2012||Bundestag||66.7%||491||111||6|||
|13 Sep 2012||Presidential Assent||–||Granted|||
|Greece[a]||Yes||28 Mar 2012||Parliament||50%||194||59||0||10 May 2012|||
|Hungary||Yes||25 Mar 2013||National Assembly||66.7%||307||32||13||15 May 2013|||
|29 Mar 2013||Presidential Assent||–||Granted|||
|Ireland[a]||Yes||20 Apr 2012||Dáil||50%||93||21||N/A||14 Dec 2012|||
|24 Apr 2012||Senate||50%||Approved|||
|31 May 2012||Referendum||50%||60.3%||39.7%||N/A|||
|27 Jun 2012||Presidential Assent||–||Granted|||
|Italy[a]||Yes||12 Jul 2012||Senate||66.7%||216||24||21||14 Sep 2012|||
|19 Jul 2012||Chamber of Deputies||66.7%||368||65||65|||
|23 Jul 2012||Presidential Assent||–||Granted|||
|Latvia[a]||Yes||31 May 2012||Parliament||66.7%[f]||67 (69%)||29 (30%)||1 (1%)||22 Jun 2012|||
|13 Jun 2012||Presidential Assent||–||Granted|||
|Lithuania||Yes||28 Jun 2012||Seimas||50% and
min. 57 yes votes
|80||11||21||6 Sep 2012|||
|4 Jul 2012||Presidential Assent||–||Granted|||
|Luxembourg[a]||Yes||27 Feb 2013||Chamber of Deputies||66.7%[g]||46||10||0||8 May 2013|||
|29 Mar 2013||Grand Ducal Assent||–||Granted|||
|Malta[a]||Yes||11 Jun 2013||House of Representatives||50%||Unanimously||28 Jun 2013|||
|Netherlands[a]||Yes||25 Jun 2013||Senate||50%||Approved without vote[h]||8 Oct 2013|||
|26 Mar 2013||House of Representatives||50%||112||33||0|||
|26 Jun 2013||Royal Assent||–||Granted|||
|Poland||Yes||20 Feb 2013||Sejm||50%[i]||282||155||1||8 Aug 2013|||
|21 Feb 2013||Senate||50%[i]||57||26||0|||
|24 Jul 2013||Presidential Assent||–||Granted|||
|Portugal[a]||Yes||13 Apr 2012||Assembly||50%||204||24||2||5 Jul 2012|||
|27 Jun 2012||Presidential Assent||–||Granted|||
|Romania[d]||Yes||21 May 2012||Senate||50%[j]||89||1||0||6 Nov 2012|||
|8 May 2012||House of Representatives||50%[j]||237||0||2|||
|13 Jun 2012||Presidential Assent||–||Granted|||
|Slovakia[a]||Yes||18 Dec 2012||National Council||50%
min.76 yes votes[k]
|138||0||2||17 Jan 2013|||
|11 Jan 2013||Presidential Assent||–||Granted|||
|Slovenia[a]||Yes||19 Apr 2012||National Assembly||50%||74||0||2||30 May 2012|||
|30 Apr 2012||Presidential Assent||–||Granted|||
|Spain[a]||Yes||18 Jul 2012||Senate||50%||240||4||1||27 Sep 2012|||
|21 Jun 2012||Congress of Deputies||50%||309||19||1|||
|25 Jul 2012||Royal Assent||–||Granted|||
|Sweden||Yes||7 Mar 2013||Riksdagen||50%||251||23||37||3 May 2013|||
|= eurozone parties|
|= non-eurozone parties bound by all the fiscal and economic provisions|
|= non-eurozone parties not bound by all the fiscal and economic provisions|
- Eurozone member state.
- Approval of the Brussels United Assembly is subject to an absolute majority of both language groups of the parliament (French and Dutch) voting in favour. Failing that, a second vote can be held where only one third of each language group, and a majority of the full house, is required for adoption.
- Non-eurozone state which has declared itself to be bound by Title III prior to its adoption of the euro.
- Non-eurozone state which has declared itself to be fully bound by the treaty prior to its adoption of the euro. Denmark declared that it didn't consider that ratification constituted an obligation with regard to other EU instruments
- The French constitutional court ruled that a constitutional amendment was not required to ratify the treaty, meaning that the French parliament could approve it with a simple majority.
- A vote with 2/3 constitutional majority of present MPs was needed, as the treaty delegated a part of the national competencies to International institutions.
- The Council of State of Luxembourg advised the parliament that even though the treaty's ratification did not require any changes to the constitution, it should still be approved by a 2/3 majority in parliament, as new powers – related to the validity check of enacted "implementation laws" – were transferred from the national level to the Commission and Court of Justice of the European Union. The responsible parliamentary Committee for Finances and the Budget decided in line with the Council of State's advice for a 2/3 majority for reasons of legal certainty of the law.
- It was formally noted (Dutch: Aantekening verleend) that the SP (8 of the 75 seats) would have voted against the proposal, had there been a vote.
- As none of the Fiscal Compact provisions result in transfer of state authority competence to international organisations (EU) or international institutions (EU institutions), while the implementation into national law is possible without changing the Polish constitution, the ratification will only requirer a passing by simple majority in both chambers of the parliament.
- The constitution requires all EU treaties to be passed with a two-thirds absolute majority in a joint session by the Senate and House of Representatives. As the Fiscal Compact was an intergovernmental treaty without provisions requirering a change of the constitution, it was however sufficient to ratify the treaty by votes with simple majority, in both chambers.
- According to the Slovakian procedural evaluation report, the treaty was voted for according to §86d and had been evaluated to be a §7(4) treaty. Hence, as regulated by the Slovakian constitution §84(3), it only called for a 50% majority of parliament members to get passed.
Non-signatory EU members
Any non-signatory EU member state may accede to the Fiscal Compact without prior negotiations.
- Croatia: With their accession to the EU on 1 July 2013, Croatia became eligible to accede to the Fiscal Compact.
- United Kingdom: UK refused to sign the Fiscal Compact and future joining is not under consideration.
- Czech Republic: The Czech government did not sign the treaty, in part due to objections to the increased liabilities and that non-eurozone states were not granted observer status at all Eurogroup and Euro-summit meetings. Then Czech Prime Minister Petr Nečas also argued that there was no moral obligation for net-paying, fiscally sound countries outside the Eurozone, such as the Czech Republic, to ratify the fiscal responsibility treaty. There was also uncertainty over the domestic ratification process, with then President Vaclav Klaus, a staunch eurosceptic, stating that he would not give his assent to the treaty. However, Nečas stated that his country may join in the future. During the treaty negotiations, the Civic Democratic Party (ODS), which Nečas led, suggested that a referendum should decide whether the country ratified the treaty, while their junior coalition partner, TOP 09, opposed the idea and wanted only parliamentary approval for the treaty.
- In January 2013, Top 09 stated that they would only sign a revised coalition agreement for the remainder of the government's term if its partners, ODS and LIDEM, agreed to accede to the fiscal compact by the end of 2013. ODS rejected this ultimatum and stated that a constitutional amendment implementing the Fiscal Compact's debt and deficit provisions should be approved before ratifying the Fiscal Compact. Negotiations between the government and opposition to pass this proposed constitutional amendment, which will require a 3/5 majority, started in February 2013. The opposition Social Democratic Party (ČSSD) announced that they would support the Financial Constitution on 5 conditions, one of which was the ratification of the Fiscal Compact, and a bipartisan working group, with representation from all parliamentary parties, was established on 13 March 2013 to draft the proposed amendments. After Jiří Rusnok took over as caretaker Prime Minister following a government corruption scandal, he stated that a decision on the Czech Republic ratifying the Fiscal Compact would not be made until after parliamentary elections scheduled for October.
- President Miloš Zeman, who took over in March 2013 after winning the January presidential election, is considered to be "pro-EU" and supports the Czech Republic's accession to the Fiscal Compact, although not before they join the Eurozone, which he believes shouldn't occur before 2017. Following the parliamentary election, ČSSD, ANO and KDU-ČSL formed a coalition government which agreed to ratify the Fiscal Compact. ČSSD Prime Minister Bohuslav Sobotka supports ratifying the treaty, and his party has opposed holding a referendum on it. The opposition Top 09 party's election campaign called for parliamentary ratification of the Fiscal Compact as soon as possible. In late February 2014, Sobotka's government obtained the confidence of Parliament, and committed to starting the ratification of the Fiscal Compact within two months. Sobotka expects that ratification will be finalized within eight months. He notified the President of the European Commission José Manuel Barroso of these plans during his first visit to Brussels as Prime Minister. The cabinet approved accession to the Fiscal Compact on 23 March 2014, and the bill was introduced to the Chamber of Deputies on 11 April. It will need the consent of a constitutional majority of 60% in both houses of parliament. Approval of the bill will lead to accession of the Czech Republic to the Fiscal Compact, but initially only Title V will apply as they will not make a declaration.
|Czech Republic||No||Chamber of Deputies||60%[a]|||
|27 Aug 2014||Senate||60%[a]||58||10||5|||
- Needs the approval of a constitutional majority.
After a country has completed its domestic ratification, it must deposit an instrument of ratification with the depositary (the General Secretariat of the Council of the European Union) to complete the process. If a legal complaint is filed with a constitutional court, this can delay the deposit and ratification, or even stop it if the court upholds the complaint. The list below summarises the progress of the ratification process.
- Belgium: The treaty needed the approval of the Belgium's upper and lower house as well as five other parliaments for ratification. On 14 March 2012 a motion was submitted to the Chamber of Representatives by members of the opposition calling for a referendum on the treaty. A similar motion was submitted to the Senate on 9 May, but a referendum was ultimately not held.
- Bulgaria: After months of political turmoil, the Bulgarian government resigned early on 20 February 2013 in response to protests, leading to elections on 12 May. The new government began the ratification process shortly after taking power.
- France: A presidential election on 22 April-6 May, shortly after the treaty was signed, delayed France's ratification. Newly elected president François Hollande promised during the campaign that he would only ratify the Fiscal Compact if the European Council agreed to a supplemental "Growth Pact". After the Compact for Growth and Jobs was adopted on 29 June 2012, the combined Fiscal Compact and Growth Pact bill, having received the support of the French government and president, was passed by both chambers of the National Assembly.
- Germany: Ratification was stalled following a complaint to the Federal Constitutional Court on the consistency of the Fiscal Compact with the German Basic Law. However, on 12 September 2012 the court rejected all applications for injunctions against ratification of the treaty. The court heard oral arguments on the merits of the case on 11–12 June 2013, with a final decision originally expected in the fall of 2013 but later pushed back to 2014. On 18 March the court released their decision which found that all the complaints against the Fiscal Compact were either inadmissible or unfounded.
- Ireland: A constitutional amendment, which authorised the government to ratify the Fiscal Compact, was approved by a referendum. However, the government opted to wait until the Fiscal Responsibility Bill 2012, which implemented the provisions required by the treaty into national law, was passed before formally completing their ratification of the treaty. The Oireachtas passed the Fiscal Responsibility Bill 2012 on 27 November, and the ratification process was completed with a deposit of the ratification instrument on 14 December 2012.
- Malta: On 10 December 2012, after debate on the treaty in Malta's parliament had begun, the government lost a confidence vote in parliament on their 2013 budget, which resulted in parliament being dissolved and the president calling an early legislative election on 9 March 2013. Until then, a caretaker government ruled the country without the power to enact any new laws. After the Labour Party defeated the incumbent government in the election, the treaty was re-introduced in the parliament and passed unanimously on 11 June.
- Netherlands: The approval act was submitted to parliament in July 2012, but Parliamentary approval was delayed by a general election on 12 September 2012. After the People's Party for Freedom and Democracy (VVD) and Labour Party (PvdA) reached a coalition agreement to form a new two-party government on 29 October both houses approved the Compact.
- Poland: 20 members of parliament submitted a proposal on 31 January 2012 calling on the parliament to schedule a referendum on the ratification of the Fiscal Compact, but the proposal was never voted on. On 5 December, the bill to ratify the Fiscal Compact was submitted to the parliament with an attached legal evaluation stating that ratification only required a simple majority for approval in both chambers, rather than the constitutional 2/3 majority. In March, Sejm parliamentarians from the opposition Law and Justice (PiS) party challenged the ratification of the Fiscal Compact with the Constitutional Tribunal of the Republic of Poland, listing 14 violations of the Polish Constitution. They argued that ratification of the Compact required a two-thirds majority and that the text of the treaty is incompatible with the constitution. A separate challenge was filed by PiS Senators in early April claiming that they were not given sufficient time to consider ratification of the Compact, though it was subsequently combined with the original case by the court. On 21 May 2013, the Tribunal rejected both challenges on procedural grounds, arguing that the treaty had not been fully ratified by Poland, and thus its constitutionality could not yet be challenged and judged.
Entry into force, applicability and implementation
The provisions regarding governance (Title V) are applicable to all signatories since the treaty's entry into force on 1 January 2013. For eurozone members that ratify, the treaty applies in full, pursuant to article 14. Non-eurozone countries will automatically become bound by all treaty provisions the moment they adopt the euro. Prior to that, only Title V applies to them, unless they by their own initiative make a declaration to the depositary "to be bound at an earlier date by all or part of the provisions in Titles III and IV".
The applicability of the treaty's provisions for each country is summarised in the table below. The last column of the table reflects the status of compliant implementation laws, and denotes if the law has been enacted through an ordinary law or -also- with a constitutional amendment.
|State||Sections applied||Governance provisions
|Fiscal and economic provisions
(Titles III and IV)
|Implementation law for enforcement
of Title III provisions
|Austria||full (eurozone)||1 January 2013||1 January 2013||Ordinary law
|Cyprus||full (eurozone)||Ordinary law
|Estonia||full (eurozone)||Ordinary law
|France||full (eurozone)||Ordinary law
|Finland||full (eurozone)||Ordinary law
|Germany||full (eurozone)||Constitutional law|
(must enact a law before Jan 2014)
|Ireland||full (eurozone)||Ordinary law
|Italy||full (eurozone)||Constitutional law|
|Portugal||full (eurozone)||Organic law
|Slovenia||full (eurozone)||Constitutional law|
|Spain||full (eurozone)||Constitutional law|
|Denmark||Titles III-IV (declaration)[a] and V||1 January 2013||[a]1 January 2013||Ordinary law
|Romania||Titles III-IV (declaration)[a] and V||1 January 2013||[a]1 January 2013||No
(must enact a law before Jan 2014)
|Slovakia||full (eurozone)||1 January 2013[b]||1 February 2013||Constitutional law
(an implementation law for the constitutional
amendment also needs to be published)
|Luxembourg||full (eurozone)||1 January 2013[b]||1 June 2013||Ordinary law
|Malta||full (eurozone)||1 January 2013[b]||1 July 2013||Ordinary law
|Netherlands||full (eurozone)||1 January 2013[b]||1 November 2013||Ordinary law
|Latvia||full (eurozone)||1 January 2013||[c]1 January 2014||Ordinary law
|Bulgaria||Titles III (declaration)[d] and V||1 January 2013[e]||[d]1 January 2014 (only Title III)||No
(must enact a law before Jan 2015)
|Belgium||full (eurozone)||1 January 2013[b]||1 April 2014||No
(must enact a law before Apr 2015)
|Lithuania||Title V||1 January 2013||[f]1 January 2015||Constitutional law
(will enter into force 1 Jan 2015)[g]
|Hungary||Title V||1 January 2013[e]||No||Constitutional law|
|Poland||Title V||1 January 2013[e]||No||No
(not required until euro adoption)
|Sweden||Title V||1 January 2013[e]||No||No
(not required until euro adoption)
- A non-Eurozone member state which has declared itself bound by Titles III and IV. Denmark declared that it didn't consider that ratification constituted an obligation with regard to other EU instruments
- Provisionally applied Title V from 1 January 2013, according to Article 14 (4). When it ratified the treaty, according to Article 14 (3), all of the treaty's provisions became fully applicable.
- On 1 January 2014, Latvia adopted the euro and the treaty became fully applicable, according to Article 14 (5).
- A non-eurozone member state which has declared itself bound by Title III.
- Provisionally applied Title V from 1 January 2013 according to Article 14 (4) prior to ratification of the treaty.
- Lithuania is scheduled to adopt the euro on 1 January 2015, which will make the treaty become fully applicable to them from this date, according to Article 14 (5).
- A draft for the Constitutional law transposing the TSCG into national law was assessed by ECB on 30 April 2014, and although it still needs to be passed by the Lithuanian parliament, it has been scheduled to replace their current ordinary "Law on Fiscal Discipline" as from the day they adopt the euro on 1 January 2015.
The compliance of last years fiscal account and the equally important forecast fiscal accounts, with the criteria set by the Fiscal Compact, is summarized for each EU member state in the table below. The figures stem from the economic forecast published by the European Commission in May 2014, basing its forecast figures on the government's most recent fiscal budget law for 2014 and a no policy change assumption for the yet-to-be-published fiscal budget law 2015. All EU member states are obliged to correct any Excessive Deficit Procedure (EDP) issues as defined by the Stability and Growth Pact (SGP), with the European Commission setting a deadline to rectify the issue - and approving or rejecting the state's recovery plan and reform plan. All current EDP deadlines are listed in the last column of the table.
The table also list each member states' Medium-Term budgetary Objective (MTO) for its structural deficit, and its current target year for achieving this MTO. Until the MTO has been achieved, all states are obliged to adhere to an adjustment path towards this country-specific target, where the structural deficit must improve at least 0.5% points per year. The MTO depicts the maximum structural deficit per year the country can afford, when targeting that debt-to-GDP ratios first decline to below 60% and subsequently remain stable below this level for the next 50 years. The MTOs are recalculated once every third year (most recently in December 2012), with the attached target year being updated each May according to macroeconomic developments. Green rows in the table reflect full compliance with the Fiscal Compact criteria for the assessed time interval 2013-15, yellow rows represent compliance with only the Stability and Growth Pact, while the red rows do not fully comply.
|Fiscal compliance 2013-15
(Assessment: June 2014)
(worst figure in 2013-15)
(worst figure in 2013-15)
|Structural deficit MTO
and its current
(approved by EC)
(as of 20 June 2014)
|AustriaT||74.5% (declining)||2.8%||1.2%||0.5% in 2018||No||No EDP (since 2014)|
|BelgiumT||101.5% (declining)||2.8%||2.5%||-0.75% (surplus) in 2016||No||No EDP (since 2014)|
|Bulgaria||18.9%||1.9%||1.5%||0.5% in 2017||No||No EDP (since 2012)|
(67.1 60.0 in 2013)
(69.2 65.0 in 2015)
|CyprusT||111.7% (increasing)||6.1%||4.3%||0.0% in 2032||Yes (expires 2016)3||2016|
|Czech Republic1||46.0%||2.4%||1.9%||1.0% in 202X||No||No EDP (since 2014)1|
|Denmark||44.5%||2.7%||0.5%||0.5% since 2011||No||No EDP (since 2014)|
|Estonia||10.0%||0.6%||0.7%||0.0% in 2015||No||Never had an EDP|
|Finland||57.0%||2.3%||0.9%||0.5% in 2014||No||No EDP (since 2011)|
|FranceT||93.5% (increasing)||4.3%||3.0%||0.0% in 2019||No||2015|
|GermanyT||78.4% (declining)||0.1%||0.0%||0.5% since 2012||No||No EDP (since 2012)|
|GreeceT||175.1% (declining)||12.7%||0.4%||N/A||Yes (expires 2016)3||2016|
|HungaryR, T||79.2% (declining)||2.9%||2.3%||1.7% since 2012||Yes (expired 2010)2||No EDP (since 2013)|
|IrelandT||123.7% (declining)||7.2%||6.2%||0.0% in 2019||Yes (expired 2013)3||2015|
|ItalyT||132.6% (declining)||3.0%||0.9%||0.0% in 2016||No||No EDP (since 2013)|
|Latvia||38.1%||1.1%||1.9%||0.5% in 2019||Yes (expired 2011)2||No EDP (since 2013)|
|LithuaniaR||39.4%||2.2%||2.1%||1.0% in 2015||No||No EDP (since 2013)|
|Luxembourg||23.1%||1.4%||1.3%||-0.5% (surplus) in 2013||No||Never had an EDP|
|MaltaT||73.0% (declining)||2.8%||2.9%||0.0% in 2017||No||2014|
|NetherlandsT||73.5% (declining)||2.8%||1.3%||0.5% in 2018||No||No EDP (since 2014)|
|PolandR||57.0%||4.3%||3.8%||1.0% in 2016||No||2015|
|PortugalT||129.0% (declining)||4.9%||2.8%||0.5% in 2015||Yes (expired 2014)3||2015|
|Romania||38.4%||2.3%||1.8%||1.0% in 2014||Yes (expires 2015)2||No EDP (since 2013)|
|Slovakia||55.4%||2.9%||2.2%||0.5% in 2022||No||No EDP (since 2014)|
|SloveniaT||71.7% (increasing)||14.7%||2.9%||0.5% in 2017||No||2015|
|SpainT||93.9% (increasing)||7.1%||3.4%||0.0% in 2026||No||2016|
|SwedenR||40.6%||1.8%||0.9%||1.0% since 2011||No||Never had an EDP|
|United Kingdom1, T||89.6% (increasing)||6.0%||5.0%||N/A||No||2014–151|
1 Did not sign the Fiscal Compact. 2 EU 'balance of payments' programme. 3 ESM/EFSM/EFSF programme. R Ratified, but not bound by fiscal provisions (Title III).
T Transitional states, are only required to deliver declining debt-to-GDP ratios in the forecast horizon after their EDP abrogation (for illustrative purposes the parenthesis notes their trend in 2015).
The deadline for an EDP adjustment is only considered to be met (and the EDP abrogated) if the country succeeds in delivering a national account for the last full fiscal year and some forecast budget figures for the following two years that are in full compliance with the SGP's deficit criteria (budget deficit no more than 3.0% of GDP) and the so-called "transitional criteria" for the debt-to-GDP ratio, which require it to have a "declining trend", prior to the deadline. As part of the increased surveillance efforts introduced by the Sixpack, all EDP's are evaluated three times per year: shortly after the publication of the economic outlook reports in February, May and November. Member states involved in bailout programs are evaluated even more frequently and more in depth, through the so-called "Programme Reviews". The SGP and Fiscal Compact feature identical debt criteria, so they only differ compliance wise for the deficit criteria, where the Fiscal Compact sets the additional structural deficit criteria to be met.
All member states with an ongoing EDP in 2011, will be required to comply with the new "debt brake benchmark rule" (to deliver - either for the backward or forward looking 3 year period - an annual debt-to-GDP ratio decrease of at least 5% of the benchmark value in excess of the 60% limit), after three years has elapsed from the abrogation of their old "2011-EDP". As Germany and Malta both had their 2011-EDP abrogated in 2012, these two states will need to comply with the "debt brake benchmark rule" starting from November 2015, when the Commission's economic forecast report is published along with the Commission's first assessment of their fiscal budget 2016, which will be submitted in the form of stability reports on 15 October 2015. For as long as a member state breaches the 60% debt limit while being exempted from the requirement to comply with the new "debt brake benchmark rule", it will still be required to show a declining debt-to-GDP ratio over the forecast horizon, in order to comply with the debt criteria (which is why the parenthesis in the table above, for those states, display if the ratio is declining or increasing when comparing their forecast 2015 figure with their forecast 2014 figure). Among the states with a debt-to-GDP ratio above 60%, Croatia was the first one being required to comply with the new "debt brake benchmark rule" in January 2014, where the European Commission concluded no compliance was found, due to its debt-to-GDP ratio in 2013 exceeding its calculated benchmark limit (67.1 60.0) and due to its forecast debt-to-GDP ratio in 2015 exceeding its calculated benchmark limit (69.2 65.0).
- Euro Plus Pact
- European Stability Mechanism
- Fiscal policies in the Eurozone
- Enhanced co-operation
- Fiscal federalism
- Sixpack (EU)
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- Treaty on stability, coordination and governance in the economic and monetary union (treaty; signed on 2 March 2012)
- Treaty on stability, coordination and governance in the economic and monetary union (final draft; 31 January 2012)
- International Agreement on a Reinforced Economic Union (first draft of treaty, 16 December 2011)
- Euro Area Statement (treaty outline, 9 December 2011)