The European Parliament and the Council negotiators reached a draft deal on the two pack regulations focus on strengthening Commission surveillance of national budgetary and economic policy and further economic policy coordination. The so-called “two-pack” also lays down clear rules for countries seeking EU financial help.

The draft agreement reached by the European Parliament and the Council negotiators on 20 of February means that the next batch of EU economic governance legislation should do more to deliver growth and the European Commission's new powers to vet Eurozone countries' budgets will be better democratically controlled, according to MEPs. In December 2012, the European Council also called on the conclusions for the rapid adoption by the co-legislators of the key elements of the so-called "two-pack".

The European Parliament underlined that its amendments to the draft deal are to ensure that the new laws would do more to deliver growth. The Commission's country-by-country budget assessments will therefore need to be more comprehensive, to ensure that budget cuts are not made at the cost of killing off investments with growth potential. The Irish Presidency of the EU stated that the ‘Two Pack’, will improve budgetary and economic coordination among eurozone countries.

With the new regulations, member states would be required to detail which of their investments have growth and jobs potential, and their deficit reduction timetables would have to be applied more flexibly in exceptional circumstances or in severe economic downturns. The Commission would be required to look at spillover effects, to be sure that a country's difficulties do not also stem for bad policy elsewhere in the eurozone. The texts also entrench the rights of social partners and civil society to express their views on Commission recommendations and be better included in policy formulation.