| Author (Corporate) | European Commission: DG Economic and Financial Affairs |
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| Series Details | COM (2023) 242 |
| Publication Date | 26/04/2023 |
| Content Type | Policy-making |
Summary:Legislative initiative - tabled by the European Commission on 26 April 2023 - introducing amendments to Directive 2011/85/EU as regards the requirements for budgetary frameworks of the Member States of the European Union (EU). Further information:Council Directive 2011/85/EU set out detailed ruled for national budgets in the EU. This piece of legislation was adopted as part of the Six-Pack, to take into account the lessons of the global financial crisis and the Euro area sovereign debt crisis. In 2019, the European Court of Auditors (ECA) published a report noting weaknesses as regards the efficacy of medium-term budgeting and independent fiscal institutions. The suitability of the Council Directive was also assessed by the European Commission in February 2020, highlighting progress and room for improvement in the existing set-up of national budgetary frameworks. In November 2022, the Commission put forward its orientations for a reform of the EU's economic governance framework. The proposed Council Directive presents some amendments to the existing piece of legislation. The amendments aim at strengthening national ownership and the medium-term orientation of budgetary planning. It seeks to simplify existing legislation, clarify certain provisions, strengthen national ownership, promote a medium-term ownership, and improve the quality of public finance. The proposed Council Regulation was adopted by the European Commission on 26 April 2023 as part of a legislative package seeking to reform the EU's fiscal framework. The European Parliament's relevant committee adopted its report on the draft law on 11 December. The Council of the European Union adopted its general approach to the text on 21 December. In the framework of the special consultation procedure, an informal agreement between the two institutions on the text for the draft law was reached on 10 February 2024. |
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| Source Link | https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2023:242:FIN |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Economic Governance | Situation, National Budgets |
| International Organisations | European Union [EU] |
