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Relevant legal texts and guidelines

The legal basis of the Stability and Growth Pact (SGP) is Articles 121 and 126 of the Treaty on the Functioning of the European Union (TFEU); Protocol 12 of the Treaty gives further details on the Excessive Deficit Procedure, including the reference values on deficit and debt. Article 136 of the TFEU provides for specific provisions to be adopted for the euro area. It is the basis for a sanctions regulation for euro area Member States (included in the Six Pack) and the Two Pack Regulations, which include enhanced monitoring and surveillance in the euro area.

Treaty on the Functioning of the European Union (TFEU)

Secondary legislation

  • Council Regulation (EC) 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (the preventive arm of the Stability and Growth Pact).
  • Council Regulation (EC) 1467/97  on speeding up and clarifying the implementation of the Excessive Deficit Procedure (the corrective arm of the Stability and Growth Pact).
  • Council Regulation (EC) 479/2009 on the application of the Protocol on the EDP
  • Regulation (EU) No 1173/2011 on the effective enforcement of budgetary surveillance in the euro area – sanctions regulation
  • Directive 2011/85/EU on requirements for budgetary frameworks of the Member States
  • Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area
  • Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability

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