Press Release: Fiscal compact enters into force

The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union – better known as the 'fiscal compact' – will enter into force on 1 January 2013 after ratification by twelve member states of the euro area. The treaty, which was signed on 2 March 2012 by the leaders of 25 EU member states, introduces strengthened fiscal discipline and stricter surveillance within the euro area, in particular by establishing a 'balanced budget rule'.

• Primary Source

Robert Schuman Foundation: Dossier: Understanding the Treaty on Stability, Coordination and Governance, known as the 'Budgetary Pact' http://www.robert-schuman.eu/comprendre-le-pacte-budgetaire.php?lang=en

ESO: Background information: A fiscal compact for a stronger Economic and Monetary Union http://www.europeansources.info/record/a-fiscal-compact-for-a-stronger-economic-and-monetary-union/

ESO: Background information: EU leaders sign new fiscal treaty http://www.europeansources.info/record/eu-leaders-sign-new-fiscal-treaty/

ECFR: Reinventing Europe: Explaining the Fiscal Compact, May 2012 http://ecfr.eu/content/entry/commentary_reinventing_europe_explaining_the_fiscal_compact

ESO: Background information: The European 'Fiscal Compact': a goal or a starting point? http://www.europeansources.info/record/the-european-fiscal-compact-a-goal-or-a-starting-point/

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