Changes from report parliamentary committee draft to plenary report

ChangedDRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 472/2013 as regards the economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability

Changed(COM(2025)0593 – C10-0232/2025C100232/2025 – 2025/0312(COD))

▸7 unchanged paragraphs

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2025)0593),

– having regard to Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C100232/2025),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the opinion of the European Central Bank of 18 November 2025,

– having regard to Rule 60 of its Rules of Procedure,

Changed– having regard to the report of the Committee on Economic and Monetary Affairs (A100000/2026),(A10-0097/2026),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Change 1

RemovedRegulation (EU) No 472/2013

AddedAMENDMENTS BY THE EUROPEAN PARLIAMENT*

RemovedArticle 1 – paragraph 1 – point 3 – point e, Article 3 – paragraph 5 – subparagraph 2: deleted / (deleted)

Addedto the Commission proposal

RemovedThe deletion of "as a rule" (articles 3 and 14 of Regulation (EU) No 472/2013) aims at reducing the discretionary power of the Commission.

Added---------------------------------------------------------

RemovedRegulation (EU) No 472/2013

Added2025/0312 (COD)

RemovedArticle 1 – paragraph 1 – point 9 – point b, Article 14 – paragraph 1b: 1b. The Commission, in liaison with the ECB, shall communicate every six months, its assessment referred to in paragraph 1a to the competent committee of the European Parliament, to the EFC and to the parliament of the Member State concerned.;

AddedProposal for a

RemovedThe deletion of "as a rule" (articles 3 and 14 of Regulation (EU) No 472/2013) aims at reducing the discretionary power of the Commission.

AddedREGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Addedamending Regulation (EU) No 472/2013 as regards the economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability

AddedTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

AddedHaving regard to the Treaty on the Functioning of the European Union, and in particular Article 136 in combination with Article 121(6) thereof,

AddedHaving regard to the proposal from the European Commission,

AddedAfter transmission of the draft legislative act to the national parliaments,

AddedHaving regard to the opinion of the European Central Bank,

AddedActing in accordance with the ordinary legislative procedure,

AddedWhereas:

Added(1) Regulation (EU) No 472/2013 of the European Parliament and of the Council lays down provisions for strengthening the economic and budgetary surveillance of Member States whose currency is the euro, where those Member States (a) experience or are threatened with serious difficulties with respect to their financial stability or to the sustainability of their public finances, leading to potential adverse spill-over effects on other Member States in the euro area; or (b) request or receive financial assistance.

Added(2) The Union’s economic governance framework was reformed in 2024. The reform aimed to facilitate effective economic surveillance, anchored in a common framework that ensures equal treatment and multilateral policy coordination. The objectives of the reform were to further promote sound and sustainable public finances, sound and inclusive growth and resilience through reforms and investment, prevent the occurrence of excessive deficits, and strengthen national ownership. To achieve those objectives, the reform introduced new concepts and made changes to the structure of the Union’s economic governance framework. The reform was implemented with the adoption of Regulation (EU) 2024/1263 of the European Parliament and of the Council, Council Regulation (EU) 2024/1264 and Council Directive (EU) 2024/1265.

Added(2a) Regulation (EU) 2024/1263 requires national medium-term fiscal-structural plans to address the Union’s common priorities. In accordance with Article 13, point (c), of that Regulation, those common priorities include a fair, green and digital transition, including the climate objectives set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council, as well as social and economic resilience, including the European Pillar of Social Rights, energy security, and, where necessary, the build-up of defence capabilities.

Added(3) In its Communication of 11 February 2025 entitled ‘A simpler and faster Europe: Communication on implementation and simplification’, the Commission set out a vision for an implementation and simplification agenda that aims to boost competitiveness and safeguard economic, social and environmental goals by reducing regulatory burdens and simplifying Union law thereby making its implementation easier.

Added(4) In the context of the 2024 reform of the Union’s economic governance framework and with the view to simplifying, consolidating and codifying legislation, amendments to Regulation (EU) No 472/2013 are necessary to ensure consistency with other acts of the economic governance framework and contribute to its streamlining and simplification.

Added(5) The national medium-term fiscal-structural plans, introduced by Regulation (EU) 2024/1263, are the cornerstone of the 2024 reform. They replaced the Stability and Convergence Programmes and the National Reform Programmes, thereby bringing together the fiscal, reform and investment commitments of each Member State within a common framework. Regulation (EU) No 472/2013 should be amended to take into account the introduction of the national medium-term fiscal-structural plans in the common framework. In particular, the obligations arising from a national medium-term fiscal-structural plan should be duly taken into account in the design of a macroeconomic adjustment programme, with a view to ensuring a coherent and effective approach to addressing the Member State's fiscal and macroeconomic challenges. Furthermore, in accordance with Article 32 of Regulation (EU) 2024/1263, where a Member State is subject to a macroeconomic adjustment programme, it should not be required to submit a national medium-term fiscal-structural plan or an annual progress report.

Added(6) The European Financial Stability Facility (‘EFSF’) was created as a temporary crisis resolution mechanism by euro area countries in June 2010. As of 1 July 2013, the EFSF may no longer engage in new financing programmes. Regulation (EU) No 472/2013 should be amended to take that into account.

Added(7) Experience has shown that the current design of enhanced surveillance may have a deterrent effect on Member States seeking precautionary financial assistance and may result in the application of additional surveillance when not warranted. In order to strike a balance between the need for effective surveillance and the need to avoid disincentivising Member States to seek precautionary assistance when necessary, Regulation (EU) No 472/2013 should be amended to clarify the circumstances under which enhanced surveillance applies when a Member States is in receipt of precautionary financial assistance.

Added(8) A Member State that receives financial assistance on a precautionary basis from one or several other Member States or third countries, the European Financial Stabilisation Mechanism (‘EFSM’), the European Stability Mechanism (‘ESM’) or another relevant international financial institution, such as the International Monetary Fund (‘IMF’), which requires the adoption of new policy measures, should be subject to enhanced surveillance under Regulation (EU) No 472/2013, including if that financial assistance is not yet drawn. An ESM Enhanced Conditions Credit Line (‘ECCL’) requires such new policy measures and, as such, a Member State receiving such financial assistance on a precautionary basis should be subject to enhanced surveillance. With regard to new ESM precautionary financial assistance instruments, the Commission should assess on a case-by-case basis whether there are such new policy measures and, as such, whether the receipt of such financial assistance by a Member State warrants the application of enhanced surveillance under Regulation (EU) No 472/2013.

Added(9) Council Regulation (EU) 1024/2013 conferred specific tasks on the European Central Bank (‘ECB’) concerning policies relating to the prudential supervision of credit institutions. In order to respect the division of responsibilities between the ECB and national competent authorities of participating Member States as established by that Regulation, the provisions in Regulation (EU) No 472/2013 concerning information on or supervisory measures regarding the financial sector should be clarified to respect that division of responsibilities.

Added(10) Regulation (EU) No 472/2013 provides that a Member State exiting a macroeconomic adjustment programme is subject to post-programme surveillance until 75% of the received financial assistance is repaid. The European Court of Auditors, in its Special Report No 18/2021, has identified certain shortcomings in the effectiveness of post-programme surveillance, including a lack of clear focus and objectives, as well as overlaps with other economic surveillance processes, such as the European Semester.

Added(11) In light of those findings, it is necessary to amend Regulation (EU) No 472/2013 to clarify the objective and scope of post-programme surveillance, in order to increase its coherence with the European economic governance framework and avoid a duplication of reporting requirements. Specifically, post-programme surveillance should focus on monitoring and assessing the repayment capacity of the concerned Member State regarding the financial assistance received, taking into account the economic, budgetary and financial condition of that Member State. That surveillance should also cover the implementation of certain reforms, to the extent that those are not already subject to monitoring under the national medium-term fiscal-structural plan. Finally, post-programme surveillance should identify the need for corrective measures to mitigate risks to the repayment of the financial assistance received.

Added(12) It is also necessary to amend Regulation (EU) No 472/2013 to make post-programme surveillance more proportionate to risks, by introducing a tiered system of surveillance that differentiates the level of scrutiny according to repayment risk of the financial assistance received and the need for corrective measures. In particular, five years after the application of post-programme surveillance, the Commission should be allowed to carry out a specific assessment of the Member State's capacity to repay the financial assistance received. If the Commission concludes that there are no material risks to the Member State's capacity to repay the financial assistance over the medium-term, it should be possible to suspend the regular assessments for a period of five years, subject to no material change of the circumstances. Before concluding its assessment, the Commission should ask the Economic and Financial Committee for its opinion.

Added(13) To ensure close cooperation with the ESM and other relevant international financial institutions when implementing Regulation (EU) No 472/2013, the Commission should continue to seek to establish the necessary administrative arrangements. Such arrangements help to ensure that the activities of the different institutions and bodies involved in the provision of financial assistance are coordinated and mutually reinforcing.

Added(14) Regulation (EU) No 472/2013 should therefore be amended accordingly,

AddedHAVE ADOPTED THIS REGULATION:

AddedRegulation (EU) No 472/2013 is amended as follows:

Added(1) in Article 1(1), point (b) is replaced by the following:

Added‘(b) request or receive financial assistance from one or several other Member States or third countries, the European Financial Stabilisation Mechanism (EFSM), the European Stability Mechanism (ESM), or another relevant international financial institution such as the International Monetary Fund (IMF).’;

Added(2) Article 2 is amended as follows:

Added(a) in paragraph 3, the first subparagraph is replaced by the following:

Added‘Where a Member State is in receipt of financial assistance on a precautionary basis from one or several other Member States or third countries, the EFSM, the ESM, or another relevant international financial institution such as the IMF that requires the adoption of new policy measures, the Commission shall subject that Member State to enhanced surveillance.’;

Added(b) paragraphs 4 and 5 are deleted;

Added(3) Article 3 is amended as follows:

Added(a) in paragraph 1, the first subparagraph is replaced by the following:

Added‘A Member State subject to enhanced surveillance shall, after consulting, and in cooperation with, the Commission, acting in liaison with the ECB, the ESAs, the ESRB and, where appropriate, the IMF, adopt measures aimed at addressing the sources or potential sources of difficulties. In so doing, the Member State shall take into account any recommendations addressed to it under Regulation (EU) 2024/1263 of the European Parliament and of the Council*, Council Regulation (EC) No 1467/97 of 7 July 1997**, or Regulation (EU) No 1176/2011.