Extracts from the press conference by Olli Rehn on the entry into force of the "Six Pack" legislative package (part 1)
At a press conference on 12 December 2011 in Brussels, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, outlined the EU economic governance "Six-Pack" which entered into force the following day.
On 13 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", are made of five regulations and one directive proposed by the European Commission and approved by all 27 Member States and the European Parliament in October 2011
This change represents the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic Monetary Union. In line with 8-9 December European Council agreements, the legislative package already brings a concrete and decisive step towards ensuring fiscal discipline, helping to stabilise the EU economy and preventing a new crisis in the EU. PHOTOSHOTLIST