The document introduces the "Six Pack", a set of 5 regulations and 1 directive that strengthens fiscal rules and macroeconomic surveillance in the European Union. It entered into force in December 2011 and applies to all 27 EU member states. The Six Pack makes the Stability and Growth Pact stricter by adding easier to impose sanctions for countries that do not meet fiscal rules or have large macroeconomic imbalances.

1. Introducing the “Six Pack”
 Strengthening the Stability & Growth Pact
 Prevention: Stricter fiscal rules
 Dissuasion: more sanctions, easier to impose
 Adds macroeconomic surveillance
Stronger
Fiscal Macroeconomic Stability and
SURVEILLANCE SURVEILLANCE Growth Pact
(SGP)

2. Six Pack at a Glance
 5 regulations + 1 Directive
 Entered into force: 13 December 2011
 Applies to: all 27 Member States
 + Specific rules for "euro-area Member States“

3. Before the Six Pack
Government Countries set their
Public debt Medium-Term
deficit
< 60% of GDP Objectives
< 3% of GDP (MTOs)
Excessive Deficit Procedure for non-compliance
(de facto only
launched on basis of
deficit criterion)

4. After the Six Pack Sharper definition
and control
Countries set their
Government
Public debt Medium-Term
deficit Objectives
< 60% of GDP
< 3% of GDP (MTOs)
Debt criterion
also included
Excessive Deficit Procedure for non-compliance
+ Easier to apply
+ Macroeconomic Imbalance Procedure