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Understanding the budgetary Pact

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The Treaty on Stability, Coordination and Governance (TSCG), better known as the European budgetary pact, signed on 2nd March 2012 in Brussels by the heads of State and government of 25 Member States of the European Union (all except for the UK and Czech Republic) entered into force on 1st January 2013. Actually, it was decided that it would enter into force once 12 euro zone Member States have ratified it. Since 21st December 2012, it has been the case. Since 7th March 2013, it has been ratified by 19 of them (including 13 in the euro zone).

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Understanding the budgetary Pact

Understanding the Treaty on Stability, Coordination and Governace, known as the « Budgetary Pact »

The Treaty on Stability, Coordination and Governance (TSCG), better known as the European budgetary pact, signed on 2nd March 2012 in Brussels by the heads of State and government of 25 Member States of the European Union (all except for the UK and Czech Republic) entered into force on 1st January 2013. Actually, it was decided that it would enter into force once 12 euro zone Member States have ratified it. Since 21st December 2012, it has been the case. Since 7th March 2013, it has been ratified by 19 of them (including 13 in the euro zone).

The Robert Schuman Foundation offers you a special dossier including:

  • A paper by the Chairman of the Robert Schuman Foundation, Jean-Dominique Giuliani entitled 'Learning about and understanding the Budgetary Pact' which recalls the context in which the treaty was adopted and defines the main outline of its content.
  • Three summary sheets on the rule (definition, goals and impact) written by Sébastien Richard, lecturer in economy and public policy at the University of Paris X Nanterre.
  • An explanatory paper on the Budgetary Pact as well as a table of the ratifications of the treaty on Stability, Coordination and Governance per country.

    • Text of the treaty

    See the text of the Treaty on Stability, Coordination and Governance

    The special dossier

    Download the special dossier

    The ratification table by country

    Download

    At 7th March 2013, 19 Member States[1]of the 25 signatories including 13 Eurozone States[2]have already ratified the Budgetary Pact.

    The Foundation has updated this table which provides an overview of the ratifications in the various Union countries.

    Countries Ratification Method Date Result
    Germany€ by parliament 29/06/2012
    30/06/2012    		 Yes (Bundestag: 491 votes for, 111 against, 6 abstentions; Bundesrat: 65 voix for, 4 against)
    Austria€ by parliament 04/07/2012
    06/07/2012    		 Yes (Nationalrat: 103 votes for, 60 against; Bundesrat : 42 votes for, 13 against)
    Belgium€ by parliament
    Bulgaria by parliament
    Cyprus€ by parliament 20/04/2012 Yes (Act of Council of Ministers)
    Denmark by parliament 31/05/2012 Yes (80 votes for, 27 against)
    Spain€ by parliament 21/06/2012
    18/07/2012    		 Yes (Congreso de los Diputados : 311 votes for, 19 against ; Senado : 240 votes for, 4 against, 1 abstention)
    Estonia€ by parliament 17/10/2012 Yes (Riigikogu : 63 votes for, 0 against, 0 abstention)
    Finland€ by parliament 21/12/2012 Yes (Eduskunta : 139 votes for, 38 against, 1 abstention and 21 absent)
    France € by parliament 09/10/2012
    11/10/2012    		 Yes (National Assembly: 477 votes for, 70 against and 21 abstentions ; Senate: 306 votes for, 32 against)
    Greece€ by parliament 28/03/2012 Yes (194 votes for, 59 against and 47 abstentions)
    Hungary by parliament
    Ireland€ referendum 31/05/2012 Yes (60.29% of the votes cast)
    Italy€ by parliament 12/07/2012
    19/07/2012     		Yes (Senate: 216 votes for, 24 against and 21 abstentions; Chamber of Deputies: 368 votes for, 65 against and 65 abstentions)
    Latvia by parliament 31/05/2012 Yes (67 votes for, 29 against, 1 abstention, 3 absent)
    Lituania by parliament 28/06/2012 Yes (80 votes for, 11 against and 21 abstentions)
    Luxembourg€ by parliament 27/02/2013 Yes (46 votes for, 10 against)
    Malta€
    Netherlands€ by parliament
    Poland by parliament 20/02/2013 Yes (sejm : 282 votes for, 155 against)
    Portugal by parliament 13/04/2012 Yes (Parliament: 204 votes for, 24 against and 2 abstentions)
    Czech Republic Non signatory of the TSCG
    Romania by parliament 08/05/2012
    21/05/2012    		 Yes (Chamber of Deputies: 237 votes for, 2 abstentions; Senate: 89 votes for, 1 against, 0 abstentions)
    United-Kingdom Non signatory of the TSCG
    Slovakia€ by parliament
    Slovenia€ by parliament 19/04/2012 Yes (74 votes for and 2 abstentions out of 76 by MPs in attendance)
    Sweeden by parliament 7/03/2013 Yes (251 votes for, 23 against)

    Comments

    The ratifications in this table are deemed complete when they are approved by Parliament[3].

    Key :

    €
    Euro zone country which has ratified the Budgetary Pact
    EU country which does not belong to the euro zone but which has ratified the Budgetary Pact.
    [1] Germany, Austria, Cyprus, Denmark, Spain, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovenia, Sweden.
    [2] Germany, Austria, Cyprus, Spain, Estonia, Finland, France, Greece, Ireland, Italy, Luxembourg, Portugal, Slovenia.
    [3]Except for Ireland which used the referendum.