The European Parliament adopted in plenary session the agreement reached with the Council on the next round of EU economic governance legislation, the so called “two pack”. According to MEPs, these new rules will do more to deliver growth and the European Commission's new powers to vet Eurozone countries' budgets will be better democratically controlled.

MEPs adopted in plenary session the “two pack” economic governance legislation previously agreed in February 2013 with the Council. They highlighted that the amendments made by the Parliament to these rules are aimed at ensuring that the new laws will do more to deliver growth. For example, the Commission's country-by-country budget assessments will need to be more comprehensive, to ensure that budget cuts are not made at the cost of killing off investments with growth potential.

The Parliament also stressed that thanks to the new rules, the Commission's exercise of its increased powers would be monitored more closely by member states and the European Parliament, so as to ensure better accountability and legitimacy. For example, the Commission's powers to impose extra reporting requirements will have to be renewed every three years and Parliament or Council would be able to revoke them.

On the other hand, MEPs reminded that the compromise agreed with member states requires the Commission to establish an Expert Group to deepen the analysis on the possible merits, risks, requirements and obstacles of partial substitution of national issuance of debt through joint issuance in the form of a redemption fund and eurobills. The expert group will present its conclusions by March 2014 and the Commission will then be asked to assess and, if appropriate, table proposals before the end of its mandate.