Press Release: Commission sets out strategy for economic policy coordination and surveillance

The Commission adopted on 13 January 2004 a three-pronged strategy to clarify and improve economic policy coordination and surveillance following the 25 November 2003 Ecofin Council conclusions. As a first strand of this strategy, the Commission will continue the conduct of economic and budgetary surveillance for all Member States in the framework of the Treaty and the Stability and Growth Pact (SGP). It will also continue to monitor developments for countries in excessive deficit. As a second strand, the Commission, based on the experience of the five first years of EMU, will make new proposals for the strengthening of economic governance in the future. Improvements in the implementation of the Stability and Growth Pact will form part of this initiative. Finally, consistent with its role as the guardian of the Treaties, the Commission will seek to establish legal clarity and predictability regarding EMU related provisions of the Treaty.