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• European_Fiscal_Compact abstract "The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG or more plainly the Fiscal Stability Treaty), is an intergovernmental treaty introduced as a new stricter version of the previous Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU) at the time, except the Czech Republic and the United Kingdom (Croatia subsequently acceded to the EU in July 2013).The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. For subsequent ratifiers, it entered into force on the first day of the month following the deposit of ratification instruments. While the entire treaty applies to ratifying eurozone states, only Title V, covering euro summit participation, automatically applies for ratifying non-eurozone member states. However, these states can attach a declaration to their instrument of ratification stating their desire to also be bound by the treaty's fiscal provisions (Title III) and/or enhanced economic co-ordination provisions (Title IV). Both Denmark and Romania have declared themselves to be bound by all treaty titles, while Bulgaria declared itself bound by Title III.Member states bound by the fiscal provisions of the treaty are required to have enacted, within one year of the Fiscal Compact entering into force for them, a domestic "implementation law" establishing a self-correcting mechanism, guided by the monthly surveillance of a governmentally independent fiscal advisory council, which shall guarantee their national budget be in balance or surplus under the treaty's definition. The treaty defines a balanced budget as a general budget deficit less than 3.0% of the gross domestic product (GDP), and a structural deficit of less than 1.0% of GDP if the debt-to-GDP ratio is significantly below 60% -or else it shall be below 0.5% of GDP. The treaty also contains a direct copy of the "debt brake" criteria outlined in the Stability and Growth Pact, which defines the rate at which debt levels above the limit of 60% of GDP shall decrease.If the budget or estimated fiscal account for any ratifying state is found to be noncompliant with the deficit or debt criteria, the state is obliged to rectify the issue. If a state is in breach at the time of the treaty's entry into force, the correction will be deemed to be sufficient if it delivers sufficiently large annual improvements to remain on a country specific predefined "adjustment path" towards the limits at a midterm horizon. Should a state suffer a significant recession, it will be exempted from the requirement to deliver a fiscal correction for as long as it lasts.Despite being an International treaty outside the EU legal framework, all treaty provisions function as an extension to existing EU regulations, utilising the same reporting instruments and organisational structures already created within EU in the three areas: Budget discipline enforced by Stability and Growth Pact (extended by Title III), Coordination of economic policies (extended by Title IV), and Governance within the EMU (extended by Title V). If a ratifying state bound by the fiscal provisions of the Fiscal Compact fails to enact the required "implementation law" within one year of the treaty's entry into force, it can ultimately be fined up to 0.1% of its GDP by the Court of Justice of the EU.The treaty states that the signatories shall attempt to incorporate the Fiscal Compact into the EU's legal framework, on the basis of an assessment of the experience with its implementation, by 1 January 2018 at the latest.".
• European_Fiscal_Compact thumbnail European_Fiscal_Compact_ratification_(cropped).svg?width=300.
• European_Fiscal_Compact wikiPageExternalLink st00tscg26_en12.pdf.
• European_Fiscal_Compact wikiPageExternalLink 126658.pdf.
• European_Fiscal_Compact wikiPageExternalLink treaty.pdf.
• European_Fiscal_Compact wikiPageExternalLink eudraftagreement.pdf.
• European_Fiscal_Compact wikiPageID "34005416".
• European_Fiscal_Compact wikiPageRevisionID "606762385".
• European_Fiscal_Compact caption "Parties to the Fiscal Compact".
• European_Fiscal_Compact conditionEffective "Ratified by twelve eurozone countries".
• European_Fiscal_Compact dateDrafted "2012-01-30".
• European_Fiscal_Compact dateEffective "2013-01-01".
• European_Fiscal_Compact dateSigned "2012-03-02".
• European_Fiscal_Compact depositor General_Secretariat_of_the_Council_of_the_European_Union.
• European_Fiscal_Compact hasPhotoCollection European_Fiscal_Compact.
• European_Fiscal_Compact imageWidth "350".
• European_Fiscal_Compact languages "22".
• European_Fiscal_Compact locationSigned "Brussels, Belgium".
• European_Fiscal_Compact longName "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union".
• European_Fiscal_Compact name "Fiscal Compact".
• European_Fiscal_Compact ratifiers "25".
• European_Fiscal_Compact signatories "25".
• European_Fiscal_Compact wikisource "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union".
• European_Fiscal_Compact subject Category:2011_in_the_European_Union.
• European_Fiscal_Compact subject Category:2012_in_the_European_Union.
• European_Fiscal_Compact subject Category:Economic_integration.
• European_Fiscal_Compact subject Category:Eurozone_fiscal_matters.
• European_Fiscal_Compact subject Category:Fiscal_federalism.
• European_Fiscal_Compact subject Category:Multi-speed_Europe.
• European_Fiscal_Compact subject Category:Policy_and_political_reactions_to_the_Eurozone_crisis.
• European_Fiscal_Compact subject Category:Treaties_concluded_in_2012.
• European_Fiscal_Compact subject Category:Treaties_entered_into_force_in_2013.
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• European_Fiscal_Compact comment "The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG or more plainly the Fiscal Stability Treaty), is an intergovernmental treaty introduced as a new stricter version of the previous Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU) at the time, except the Czech Republic and the United Kingdom (Croatia subsequently acceded to the EU in July 2013).The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. ".
• European_Fiscal_Compact label "European Fiscal Compact".
• European_Fiscal_Compact label "Europese begrotingsunie".
• European_Fiscal_Compact label "Europäischer Fiskalpakt".
• European_Fiscal_Compact label "Pacte budgétaire européen".
• European_Fiscal_Compact label "Pacto Fiscal Europeo".
• European_Fiscal_Compact label "Pakt fiskalny".
• European_Fiscal_Compact label "Patto di bilancio europeo".
• European_Fiscal_Compact label "Tratado sobre a Estabilidade, Coordenação e Governação na UEM".
• European_Fiscal_Compact label "欧洲财政协定".
• European_Fiscal_Compact sameAs Europäischer_Fiskalpakt.
• European_Fiscal_Compact sameAs Pacto_Fiscal_Europeo.
• European_Fiscal_Compact sameAs Pacte_budgétaire_européen.
• European_Fiscal_Compact sameAs Patto_di_bilancio_europeo.
• European_Fiscal_Compact sameAs Europese_begrotingsunie.
• European_Fiscal_Compact sameAs Pakt_fiskalny.
• European_Fiscal_Compact sameAs Tratado_sobre_a_Estabilidade,_Coordenação_e_Governação_na_UEM.
• European_Fiscal_Compact sameAs m.0hr3bss.
• European_Fiscal_Compact sameAs Q1377817.
• European_Fiscal_Compact sameAs Q1377817.
• European_Fiscal_Compact sameAs European_Fiscal_Compact.
• European_Fiscal_Compact wasDerivedFrom European_Fiscal_Compact?oldid=606762385.
• European_Fiscal_Compact depiction European_Fiscal_Compact_ratification_(cropped).svg.
• European_Fiscal_Compact isPrimaryTopicOf European_Fiscal_Compact.