Article 126 of the Treaty on the Functioning of the European Union

E625506

provision of EU primary law treaty article

Article 126 of the Treaty on the Functioning of the European Union is the core EU treaty provision that sets out the rules and mechanisms for monitoring and correcting Member States’ budgetary discipline, including the framework for addressing excessive government deficits.

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Statements (48)

Predicate	Object
instanceOf	provision of EU primary law ⓘ treaty article ⓘ
aimsTo	ensure sound public finances in the European Union ⓘ prevent negative spillovers from excessive deficits in one Member State to others ⓘ
appliesTo	Member States of the European Union NERFINISHED ⓘ
consultedBody	Economic and Financial Committee NERFINISHED ⓘ European Parliament NERFINISHED ⓘ
decisionMakingBody	Council of the European Union NERFINISHED ⓘ
defines	criteria for determining the existence of an excessive deficit ⓘ role of the Council of the European Union in excessive deficit procedure ⓘ role of the European Commission in monitoring budgetary discipline ⓘ
enteredIntoForceWith	Treaty of Lisbon NERFINISHED ⓘ
establishes	excessive deficit procedure NERFINISHED ⓘ procedure for avoiding excessive government deficits ⓘ
excludesFromVoting	Member State concerned by the excessive deficit decision ⓘ
historicalPredecessor	Article 104 of the Treaty establishing the European Community NERFINISHED ⓘ
implementedBy	Protocol No 12 on the excessive deficit procedure NERFINISHED ⓘ secondary EU legislation on budgetary surveillance ⓘ
legalBasisFor	Stability and Growth Pact enforcement mechanisms ⓘ budgetary surveillance in the euro area ⓘ
legalSystem	European Union law NERFINISHED ⓘ
partOf	Treaty on the Functioning of the European Union NERFINISHED ⓘ
policyArea	economic governance ⓘ fiscal policy coordination ⓘ
procedureStep	Commission addresses an opinion to the Member State concerned ⓘ Commission examines compliance with budgetary discipline on the basis of reference values ⓘ Commission monitors development of budgetary situation and stock of government debt in Member States ⓘ Commission prepares a report if a Member State does not fulfil the requirements for budgetary discipline ⓘ Council addresses recommendations to the Member State with a view to bringing the situation to an end ⓘ Council decides, on a recommendation from the Commission, whether an excessive deficit exists ⓘ Council may decide to apply sanctions to the Member State concerned ⓘ Council may give notice to the Member State to take specific measures for deficit reduction ⓘ Council may make its recommendations public if the Member State does not act effectively ⓘ Council may require the Member State to submit reports to examine adjustment efforts ⓘ Economic and Financial Committee delivers an opinion on the Commission report ⓘ
proposalOrRecommendationBy	European Commission NERFINISHED ⓘ
providesFor	abrogation of decisions and recommendations when excessive deficit has been corrected ⓘ progressive intensification of measures and sanctions ⓘ
refersTo	reference values for government deficit and debt ⓘ
relatedTo	Article 121 of the Treaty on the Functioning of the European Union NERFINISHED ⓘ Protocol No 12 on the excessive deficit procedure NERFINISHED ⓘ
sanctionsMayInclude	fines ⓘ non‑interest‑bearing deposits ⓘ
shortName	Article 126 TFEU NERFINISHED ⓘ
subjectMatter	budgetary discipline of EU Member States ⓘ economic and monetary union fiscal rules ⓘ excessive government deficits ⓘ
votingRule	qualified majority in the Council ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

excessive deficit procedure → hasLegalBasisIn → Article 126 of the Treaty on the Functioning of the European Union ⓘ