Vade mecum on the Stability and Growth Pact : 2016 edition

Enhancing clarity of the strengthened fiscal (and economic) governance toolbox is among the actions set out in the 21 October 2015 communication by the Commission 'On steps towards completing economic and monetary union'. This document is the second issue of the Vade mecum, published for the first time in May 2013 with the aim of improving transparency of the way the Commission applies the rules of the Stability and Growth Pact (SGP). Its annual update was called for by the communication 'On steps towards completing economic and monetary union' with a view to further increasing transparency and explaining rules in a structured and hopeful pedagogical way. It is a manual prepared by, and under the responsibility of, the Directorate-General for Economic and Financial Affairs (ECFIN) of the European Commission. It presents the relevant procedures and methodologies designed for implementing the SGP. These are either enshrined in the EU legislations (Treaty, SGP regulations, delegated acts) or stemming from the interpretation of general provisions of the legislation by the Commission and Member States, in the context of the work of the Economic and Financial Committee (EFC) of the Council, or specific interpretative communication by the Commission. This technical document is primarily aimed at experts and organisations working on public finance issues in EU countries, but should be of interest for anyone wanting an in-depth understanding of the SGP's functioning or searching for details on its implementation.