The two-pack on economic governance : Establishing an EU framework for dealing with threats to financial stability in euro area Member States

The global economic and financial crises have exposed weaknesses in economic and budgetary surveillance and overall economic governance in the economic and monetary union. The ongoing reform of economic governance has already addressed a number of major weaknesses of economic surveillance and coordination. To strengthen the existing legislative framework, a legislative package on economic governance – the so-called Six Pack – was elaborated and entered into force in December 2011. The Six-Pack has strengthened substantially the instruments available for the EU's economic policy coordination and multilateral surveillance