G. Colazzo: The debate on how to the EMU’s economic governance framework
On 5 February 2020, the European Commission published a “Communication”1 on Economic Governance Review, opening a public debate on the complex body of norms regulating the governance of the European economy. Before the health and economic crises caused by the pandemic, the EU Institution observed that a new political cycle in the Union offered an opportunity to assess the effectiveness of the current framework for economic and fiscal surveillance, especially the six-pack and two-pack reforms, for which the Commission was required to report on their application.
The first objective of the review launched by the Commission was to assess the extent to which the different surveillance elements, as introduced or amended by the six-pack and two-pack reforms, have been effective in achieving their key objectives:
(i) ensuring sustainable government finances and growth, as well as avoiding macroeconomic imbalances;
(ii) providing an integrated surveillance framework that enables closer coordination of economic policies, in particular in the euro area; and
(iii) promoting the convergence of economic performances among Member States.