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Sixpack (European Union law)
The EU economic governance, Sixpack describes a set of European legislative measures to reform the Stability and Growth Pact and introduces greater macroeconomic surveillance. These measures were bundled into a "six pack" of regulations, tabled in September 2010 as two versions respectively by the European Commission and a European Council task force. In March 2011 the ECOFIN council reached a preliminary agreement for the content of the Sixpack with the Commission, and negotiations for endorsement by the European Parliament then started. Ultimately it entered into force 13 December 2011, after one year of preceding negotiations.〔(Erkärungsseite the Ministry of Finance Germany )〕〔(side of the European Parliament (German), in the English text is called a "sixpack". )〕 The six regulations aim at strengthening the procedures to reduce public deficits and address macroeconomic imbalances.
== Overview ==
All 28 EU member states are committed by the paragraphs in the EU Treaty, referred to as the Stability and Growth Pact (SGP), to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year have a declining trend. Each year all EU member states are obliged to submit a SGP compliance report for the scrutiny and evaluation of the European Commission and the Council of Ministers, that will present the country's expected fiscal development for the current and subsequent three years. These reports are called "stability programmes" for eurozone Member States and "convergence programmes" for non-eurozone Member States, but despite having different titles they are identical in their content. After the reform of the SGP in 2005, these programmes have also included the Medium-Term budgetary Objectives (MTOs), being individually calculated for each Member State as the medium-term sustainable average-limit for the country's structural deficit, the Member State is also obliged to outline the measures it intends to implement to attain its MTO. If the EU Member State do not comply with both the deficit limit and the debt limit, a so-called "Excessive Deficit Procedure" (EDP) is initiated along with a deadline to comply, which outlines an "adjustment path towards reaching the MTO".〔(【引用サイトリンク】title=Who does what in EMU )〕
Four of the six instruments in the Sixpack are used to conduct further reforms of the "Stability and Growth Pact" (SGP), focusing on improving compliance. These reforms do not change any of the conditions already imposed by the SGP, but aim to enforce greater budgetary discipline among the Member States of the euro area by stipulating that sanctions come into force earlier and more consistently. For example, when a country against which an excessive deficit procedure was opened fails to take necessary measures to eliminate its deficit, an interest-bearing deposit equalling 0.2% of GDP is due. With continued non-compliance the deposit is converted into a fine. In addition, automatic sanctions are triggered based on a different voting mechanism in the Council of the European Union. At the same time the national accounts statistics and forecast practices of Member States are adjusted to comply with EU standards. If it is determined that a country has reported false data, an additional fine may be imposed.〔(laws, explanations, reactions, "Six-Pack: Reform of the Stability Pact confirmed" ) EurActiv.de 6 October 2011〕
The remaining two pieces of legislation in the Sixpack relate to the Macroeconomic Imbalance Procedure, an early warning system and correction mechanism for excessive macroeconomic imbalances.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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