Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
StabilityandGrowthPact(OJC236of2.08.1997,p.1),Council
Regulation(EC)No1466/97of7July1997onthestrengthening
ofthesurveillanceofbudgetarypositionsandthesurveillance
andcoordinationofeconomicpolicies(OJL209of2.08.1997,
p.1),andCouncilRegulation(EC)No1467/97onspeedingup
andclarifyingtheimplementationoftheexcessivedeficitproce-
dure(OJL209of2.08.1991,p.6).ThePactis,thus,initsessential
part,anintergovernmentalagreement.TheResolutionoftheEu-
ropeanCouncilexpressesthestrongpoliticalwilloftheMember
StatesandtheEuropeanCommissiontotakeeverynecessary
eńortinordertoimplementprovisionsoftheTreaty.Mean-
while,theregulations,aspartofthePact,formitspreventive
andrepressiveportions.CouncilRegulationNo1466/97imposes
adutyonMemberStatestodrawupstabilisationprogrammesor
convergenceprogrammes.Atthesametime,CouncilRegulation
(EC)No1467/97complementstheprocedureofexcessivedefi-
citandthesystemofsanctions(includingthefinancialsanctions
thatcanbeimposedontheEurozonestates).
Unfortunately,thesolutionsprovidedforbytheTreatyandPact
havenotfullymettheexpectationstheyaroused.Theprocedure
ofexcessivedeficithasbeeninstitutedmanyatime,against
amajorityoftheEUmembers.Afewtimes,althoughthecondi-
tionsforapplicationoffinancialsanctionsweremetasregards
certaincountries(GermanyandFrancebeingnoexclusionin
thatrespect),itwasdecidednottoapplythem.Thisismostly
duetothepoliticalsystemofmakingkeydecisionswithinthe
procedureofexcessivedeficit.Ablatantwitnesstotheloweńec-
tivenessoftheprovisionscontainedintheTreatyandPactisthe
debtcrisisstartedintheEUin2010.
ThedebtcrisismadetheMemberStatesoftheEUmodifythe
Pact,althoughamajorityoftheStateshavefoundthemodifica-
tionsinsumcient.ThishasledtothesigningoftheTreatyonSta-
bility,Coordination,andGovernanceintheEconomicandMon-
etaryUnion(theso-calledFiscalPact)byrepresentativesof25
states(savefortheUnitedKingdomandtheCzechRepublic)on
2March2012;thePactenteredintoforceon1January2013.The
inuenceofpoliticalfactorsontheprocedureofexcessivedeficit
waslimitedbythisdocument.Thisprovedpossiblethankstothe
increasedautomaticcharacterofcertainstagesoftheprocedure,
CHAPTER1.FISCALSTABILITY
21
