The start of a new political cycle in the Union is an opportune and appropriate moment to assess the effectiveness of the current framework for economic and fiscal surveillance, especially the six-pack and two-pack reforms, for which the Commission is required to report on their application.
The main questions addressed in this review are the extent to which the different surveillance elements, as introduced or amended by the six-pack and two-pack, have been effective in achieving their key objectives, namely:
- ensuring sustainable government finances and economic growth, as well as avoiding macroeconomic imbalances;
- enabling closer coordination of economic policies; and
- promoting convergence in Member States’ economic performance.
The purpose of the Communication on the economic governance review is to start a public debate on these questions. This public debate should provide an opportunity for stakeholders to provide their views on the functioning of surveillance so far and on possible ways to enhance the effectiveness of the framework in delivering on its key objectives.
Originally, citizens and institutions were invited to submit their responses to the questions put forward in the Communication by 30 June 2020. However, the public debate on the future of the economic surveillance framework has been impacted by the need to focus on the immediate challenges of the coronavirus crisis. Therefore, the period of public consultation has been extended and the Commission will actively return to the review exercise when the immediate challenges have been addressed.
The survey is accessible until further notice under the following link: