Regulation 2024/1263 - Effective coordination of economic policies and on multilateral budgetary surveillance - Main contents
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official title
Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2024/1263 |
| Original proposal | COM(2023)240  |
| CELEX number i | 32024R1263 |
| Document | 29-04-2024; Date of signature |
|---|---|
| Signature | 29-04-2024 |
| Effect | 30-04-2024; Entry into force Date pub. See Art 38 |
| Deadline | 21-06-2024; See Art 36.1(a) 20-09-2024; See Art 36.1(a) 31-12-2028; See Art 36.2 |
| End of validity | 31-12-9999 |
Official Journal of the European Union |
EN L series |
2024/1263 |
30.4.2024 |
REGULATION (EU) 2024/1263 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 29 April 2024
on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. |
(2) |
The Stability and Growth Pact, which initially consisted of Council Regulations (EC) No 1466/97 (3) and (EC) No 1467/97 (4) and the Resolution of the European Council of 17 June 1997 (5), is based on the objective of sound and sustainable government finances as a means of strengthening the conditions for price stability and for strong, sustainable and inclusive growth underpinned by financial stability, thereby supporting the achievement of the Union’s objectives for sustainable growth and employment. |
(3) |
The fiscal governance framework forms part of the European Semester, which also comprises the coordination and surveillance of broader economic and employment policies of the Member States, in accordance with Articles 121 and 148 TFEU, including the European Pillar of Social Rights, and the related country-specific recommendations. |
(4) |
The involvement of national parliaments, social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensuring national ownership of economic and fiscal policies as well as transparent and inclusive policy-making. |
(5) |
The economic governance framework of the Union should be adapted to better take into account the increased heterogeneity of fiscal positions, public debt and economic challenges, as well as other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social consequences of the crisis caused by that pandemic, but resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios and deficits to prudent levels in a gradual, realistic, sustained and growth-friendly manner ensuring leeway for counter-cyclical policies and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union such as achieving a fair digital and green transition including the climate objectives set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council (6), ensuring energy security, supporting open strategic autonomy, addressing demographic change, strengthening social and economic resilience and sustained convergence, and implementing the Strategic Compass for Security and Defence, all of which require reforms and sustained high levels of investment in the years to come. |
(6) |
The economic governance framework of the Union should promote sound and sustainable public finances and sustainable and inclusive growth and therefore differentiate... |
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