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Statement by EU Commissioner for Economic and Monetary Affairs Olli Rehn on the approval of economic governance reform by the European Parliament

28.09.2011 - "Today we have reached a milestone through a historic vote by the European Parliament. It will pave the way for creating a real economic union to complement the monetary union. I would like to thank the Parliament and the rapporteurs, who have done a remarkable job."

The adopted package represents a fundamental change to the way the Economic and Monetary Union is governed. It will ensure fiscal discipline and facilitate economic stability, which is crucial for sustainable growth and job creation. We will now have in place the most substantial and important institutional reform ever in the field of economic policy-making at the EU-level. I am looking forward to using this new toolbox. The "six-pack" is an essential basis for future reforms, as outlined by President Barroso in his State of the Union speech today. The legislative package is foreseen to receive the final endorsement in the ECOFIN Council on the 4 October."

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