Press conference by Olli Rehn, Vice-President of the EC, on the entry into force of the "Six-Pack" legislative package
Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on the entry into force of the "Six-Pack" legislative package. On 13th December 2011, the reinforced Stability and Growth Pact (SGP) entered into force with a new set of rules for economic and fiscal surveillance. These new measures, the so-called "Six-Pack", were made of five regulations and one directive proposed by the EC and approved by all 27 Member States and the EP in October 2011. This change represented the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic Monetary Union (EMU) 20 years ago. In line with the agreements of the Brussels European Council of 09/12/2011, the legislative package brought a concrete and decisive step towards ensuring fiscal discipline, helping to stabilise the EU economy and preventing a new crisis in the EU. The economic and financial crisis exacerbated the pressure on the public finances of EU Member States. 23 out of the 27 Member States were in the so-called “excessive deficit procedure” (EDP), a mechanism established in the EU Treaties obliging countries to keep their budget deficits below 3% of Gross domestic product (GDP) and government debt below 60% of GDP. Member States in EDP had to comply with the recommendations and deadlines decided by the EU Council to correct this excessive deficit.