European Council, green light for the new stability pact

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Final green light from the EU Council for the new Stability Pact. The text was approved by the meeting of European Agriculture Ministers in Luxembourg, among the A points, without discussion. The package was approved, including the text where unanimity was required. Belgium abstained from the regulation on effective coordination of economic policies and multilateral budgetary surveillance, on which, however, unanimity was not required. With today’s approval, the new Stability Pact can come into force.

The European ministers meeting at the EU Agriculture Council in Luxembourg adopted without discussion the reform proposal made up of three legislative acts: the regulation establishing the so-called preventive arm of the Pact, the regulation modifying the corrective arm and the directive modifying the requirements for the budgetary frameworks of the Member States. The package was confirmed with the sole abstention of Belgium – rotating EU president – on the regulation relating to the effective coordination of economic policies and surveillance.