This document is an excerpt from the EUR-Lex website
Resolution of the Amsterdam European Council on the stability and growth pact
This Resolution provides the Member States, the Council and the Commission with firm policy guidelines for the timely and rigorous implementation of the stability and growth pact. It encourages Member States to apply sound budgetary policies from the time they enter the third stage of Economic and Monetary Union (EMU).
ACT
Resolution of the European Council on the Stability and Growth Pact (Amsterdam, 17 June 1997) [Official Journal C 236 of 02.08.1997].
SUMMARY
This Council resolution establishes the political basis for the stability and growth pact. It provides the Member States, the Council and the Commission with firm policy guidelines for implementation of the stability and growth pact.
The Member States undertake to abide by the medium-term budgetary objective of positions close to balance or in surplus. In addition the Member States:
The Commission:
The Council is committed to rigorous and timely implementation of all elements of the stability and growth pact in its competence and in addition is:
In September 2004 the Commission reacted to this and to the debate surrounding the stability and growth pact by issuing a communication on strengthening economic governance and clarifying the implementation of the Stability and Growth Pact. It proposes a series of improvements to the pact. The Commission focuses particularly on the trend in economic factors in the Member States and the long-term sustainability of public finances.
At the European Council of 22 and 23 March 2005 the Finance Ministers reached a political agreement on better management of the stability and growth pact.
RELATED ACTS
Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure [Official Journal L 209 of 02.08.1997] Council Regulation (EC) No. 1467/97 clarifies and speeds up the excessive deficit procedure so that it acts as a genuine deterrent.
Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies [Official Journal L 209 of 02.08.1997]. Council Regulation (EC) No 1466/97 governs the surveillance of the Member States' budgetary positions and the coordination of their economic policies.
Last updated: 11.04.2005