The Council was informed by the presidency on the process to be followed with a view to reaching an agreement with the European Parliament on two draft Regulations on economic governance, namely:
- a Regulation for enhanced monitoring and assessment of draft budgetary plans of euro area Member States, especially those subject to an excessive deficit procedure;
- a Regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.
The Council confirmed that the general approach agreed at its meeting on 21 February remains the starting position for the negotiations (please refer to the procedure summary of that date). The Parliament established its negotiating position on 13 June and introduced significant changes to the proposals (please refer to the procedure summary of that date).
The first "trilogue" meeting with the European Parliament is scheduled for 11 July. An ad hoc Council working group, created to work on the proposals, discussed the modifications introduced by the Parliament on 4 July.