Second economic governance package (Two-Pack)

The Two-Pack is a legal instrument that amended the so-called Sixpack on economic governance in the EU and sought to further define EU economic policy coordination.

One of the two Regulations comprising the Two-Pack deals with monitoring national draft budgets before they are adopted by national parliaments.

The other sets out explicit rules designed to enhance the Commission's surveillance of any Eurozone country benefiting from financial assistance.

The Greens believe that the Two-Pack complicates the structure of European economic governance, making it impossible for citizens to understand and constituting a clear obstacle to democratic control.

However, the Two-Pack provided a good opportunity to partly correct the austerity course in previously enacted European legislation.

The Greens succeeded in gaining support for many important amendments.

We made sure that the Commission's surveillance of the Member States' budgets will be transparent. Likewise, social partners and civil society will have to be involved, and the social impact of measures will have to be taken into account.

We also succeeded in convincing a majority of MEPs of the benefits of common European debt. Parliament voted in favour of a road map leading towards Eurobonds.

Our demand for a fund to support growth in times of crisis was also adopted.

Furthermore, we garnered support for a more flexible approach to be taken whenever a country slides deeper into crisis. Economic policy recommendations will be adapted under such circumstances.

The Greens were unable to gain support for the binding inclusion of measures under the EU 2020 growth strategy, such as employment goals and reforms towards a sustainable economy.

We also wanted national programmes to be codified so that European economic reforms become more coherent.

Finally, we called for stronger anti-cyclical measures, but were defeated by the EPP and ALDE.