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27.5.2013 Official
Journal
of
the
European
Union L
140/1
I
(Legislative acts)
REGULATIONS
REGULATION (EU) No 472/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 21 May 2013
on the strengthening of economic and budgetary surveillance of Member States in the euro area
experiencing or threatened with serious difficulties with respect to their financial stability
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
social protection, the fight against social exclusion, and a
EUROPEAN UNION,
high level of education, training and protection of human
health.
Having regard to the Treaty on the Functioning of the European
Union, and in particular Article 136 in combination with
Article 121(6) thereof,
(3) Full
consistency
between
the
Union
multilateral
surveillance framework established by the TFEU and the
possible policy conditions attached to financial assistance
Having regard to the proposal from the European Commission,
should be enshrined in Union law. The economic and
financial integration of all Member States, in particular
those whose currency is the euro, calls for enhanced
surveillance to prevent contagion from a Member State
After transmission of the draft legislative act to the national
experiencing or threatened with serious difficulties with
parliaments,
respect to its financial stability to the rest of the euro
area and, more broadly, to the Union as a whole.
Having regard to the opinion of the European Central Bank ( 1 ),
(4) The
intensity
of
economic
and
budgetary
surveillance
Acting in accordance with the ordinary legislative procedure (
should be commensurate with, and proportionate to,

2 ),
the severity of the financial difficulties encountered and
should take due account of the nature of the financial
assistance received, which may range from mere
Whereas:
precautionary support based on eligibility conditions to
a full macroeconomic adjustment programme involving
strict policy conditionality. Any macroeconomic
(1) The
unprecedented
global
crisis
that
has
hit
the
world
adjustment programme should take into account the
since 2007 has seriously damaged economic growth and
national reform programme of the Member State
financial stability and has given rise to a strong deterio
concerned in the context of the Union’s strategy for
ration in the government deficit and debt position of the
growth and jobs.
Member States, leading a number of them to seek
financial assistance within and outside the framework
of the Union.
(5) A
Member
State
whose
currency
is
the
euro
should
be
subject to enhanced surveillance under this Regulation
(2) Article 9 of the Treaty on the Functioning of the
when it is experiencing or is threatened with serious
European Union (TFEU) provides that, in defining and
financial difficulties, with a view to ensuring its swift
implementing its policies and activities, the Union is to
return to a normal situation and to protecting the
take into account requirements linked to the promotion
other euro area Member States against potential adverse
of a high level of employment, the guarantee of adequate
spill-over effects. Such enhanced surveillance should be
proportionate to the seriousness of the problems and
should be adjusted accordingly. It should include wider
( 1 ) OJ C 141, 17.5.2012, p. 7.
access to the information needed for a close monitoring
( 2 ) Position of the European Parliament of 12 March 2013 (not yet
published in the Official Journal) and decision of the Council of
of the economic, fiscal and financial situation and a
13 May 2013.
regular reporting to the competent committee of the

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L 140/2
EN
Official Journal of the European Union
27.5.2013
European Parliament and to the Economic and Financial
The parliament of a Member State subject to a macro
Committee (EFC) or to any subcommittee the latter may
economic adjustment programme or to enhanced
designate for that purpose. The same arrangements for
surveillance should be kept informed in accordance
surveillance should apply to Member States requesting
with national rules and practice.
precautionary assistance from one or several other
Member States or third countries, the European
Financial Stabilisation Mechanism (EFSM), the European
Stability Mechanism (ESM), the European Financial
Stability Facility (EFSF), or another relevant international
(11) Member
States
should
involve
the
social
partners
and
civil society organisations in the preparation, implemen
financial institution such as the International Monetary
tation, monitoring and evaluation of financial assistance
Fund (IMF).
programmes, in accordance with national rules and
practice.
(6) A
Member
State
subject
to
enhanced
surveillance
should
also adopt measures aimed at addressing the sources or
(12) Before a Council decision relating to a macroeconomic
potential sources of its difficulties. To that end, all recom
adjustment programme under this Regulation is adopted,
mendations addressed to it in the course of an excessive
the relevant bodies of the ESM and of the EFSF should
deficit procedure or of an excessive macroeconomic
have the opportunity to hold a discussion on the
imbalance procedure should be taken into account.
outcome of negotiations between the Commission –
acting on behalf of the ESM or the EFSF, in liaison
with the European Central Bank (ECB) and, where appro
priate, the IMF – and the beneficiary Member State on
the possible policy conditions attached to that Member
(7) Economic
and
budgetary
surveillance
should
be
strongly
reinforced for Member States subject to a macro
State's financial assistance. Memoranda of understanding
economic adjustment programme. Because of the
setting down the detailed conditions for granting
comprehensive nature of the latter, the other processes
financial assistance are to be adopted under the Treaty
of economic and budgetary surveillance should be
establishing the European Stability Mechanism and the
suspended or, where appropriate, streamlined for the
EFSF Framework Agreement.
duration of the macroeconomic adjustment programme,
with a view to ensuring consistency of economic policy
surveillance and to avoiding duplication of reporting
obligations. However, when preparing the macro
(13) Unless otherwise provided, references to financial
economic adjustment programme, all recommendations
assistance in this Regulation should also cover financial
addressed to the Member State in the course of an
support granted on a precautionary basis and loans for
excessive deficit procedure or an excessive macro
the recapitalisation of financial institutions.
economic imbalance procedure should be taken into
account.
(14) The
decision
of
the
Commission
to
subject
a
Member
State to enhanced surveillance under this Regulation
(8) The
challenge
posed
by
tax
fraud
and
evasion
has
should be taken in close cooperation with the EFC, the
increased considerably. Globalisation of the economy,
European Supervisory Authority (European Banking
technological developments, the internationalisation of
Authority) established by Regulation (EU) No 1093/2010
fraud and the resulting interdependence of Member
of the European Parliament and of the Council ( 1 ), the
States reveal the limits of strictly national approaches
European Supervisory Authority (European Insurance and
and reinforce the need for joint action.
Pensions Authority) established by Regulation (EU)
No 1094/2010 of the European Parliament and of the
Council ( 2 ), the European Supervisory Authority
(European Securities and Markets Authority) established
by Regulation (EU) No 1095/2010 of the European
(9) The
problems
presented
by
tax
fraud
and
evasion
in
Parliament and of the Council ( 3 ) (collectively referred
Member States subject to a macroeconomic adjustment
to as the ‘ESAs’) and the European Systemic Risk Board
programme should be tackled by improving revenue
(ESRB) established by Regulation (EU) No 1092/2010 of
collection in those Member States and enhancing
the European Parliament and of the Council of
cooperation between the revenue administrations in the
24 November 2010 on European Union macro-
Union and in third countries.
prudential oversight of the financial system and estab
lishing a European Systemic Risk Board
( 4 ). The
Commission should also cooperate with the EFC when
deciding on whether to prolong enhanced surveillance.
(10) Rules
should
be
laid
down
to
enhance
the
dialogue
between the Union institutions, in particular the
( 1 ) OJ L 331, 15.12.2010, p. 12.
( 2 ) OJ L 331, 15.12.2010, p. 48.
European Parliament, the Council and the Commission,
( 3 ) OJ L 331, 15.12.2010, p. 84.
and to ensure greater transparency and accountability.
( 4 ) OJ L 331, 15.12.2010, p. 1.

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Union L
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(15) Following
a reasoned request by the Member State
(a) experience or are threatened with serious difficulties with
concerned or, where appropriate, on grounds of excep
respect to their financial stability or to the sustainability
tional economic circumstances, the Commission is able
of their public finances, leading to potential adverse spill-
to recommend reducing or cancelling any existing
over effects on other Member States in the euro area; or
interest-bearing deposit, non-interest-bearing deposit or
fine imposed by the Council in the framework of the
preventive or corrective part of the Stability and
Growth Pact for a Member State subject to a macro
(b) request or receive financial assistance from one or several
economic adjustment programme.
other Member States or third countries, the European

Financial Stabilisation Mechanism (EFSM), the European
Stability Mechanism (ESM), the European Financial
Stability Facility (EFSF), or another relevant international
financial institution such as the International Monetary
(16) Access to information on the preparatory work
Fund (IMF).
undertaken before the adoption of a recommendation
under this Regulation should be subject to Regulation
(EC) No 1049/2001 of the European Parliament and
of the Council of 30 May 2001 regarding public access
2. This
Regulation
also
lays
down
provisions
for
enhanced
to European Parliament, Council and Commission
economic policy coordination.
documents ( 1 ).
3. This
Regulation
shall
apply
to
Member
States
whose
currency is the euro.
(17) Where
a
decision
is
taken
under
this
Regulation
that
a
Member State does not comply with the requirements
contained in its macroeconomic adjustment programme,
and events and analyses clearly show that a mechanism is
4. In applying this Regulation, the Council, the Commission
needed to ensure respect for the obligations towards its
and the Member States shall fully observe Article 152 TFEU. In
creditors and the stabilisation of its economic and
applying this Regulation and the recommendations adopted
financial situation, the Commission is invited to make
hereunder, the Council, the Commission and the Member
proposals for such mechanism.
States shall take into account national rules and practice and
Article 28 of the Charter of Fundamental Rights of the
European Union. Accordingly, the application of this Regulation
and of those recommendations does not affect the right to
negotiate, conclude and enforce collective agreements or to
(18) The
power
to
adopt
recommendations
on
the
adoption
take collective action in accordance with national law.
of precautionary corrective measures and on the prep
aration of a macroeconomic adjustment programme; the
power to approve macroeconomic adjustment
programmes; the power to adopt decisions on the
Article 2
main policy requirements which the ESM or the EFSF
plan to include in the conditionality for financial
Member States subject to enhanced surveillance
assistance granted on a precautionary basis, loans for
1. The Commission may decide to subject to enhanced
the recapitalisation of financial institutions or any new
surveillance a Member State experiencing or threatened with
financial instrument agreed within the framework of the
serious difficulties with respect to its financial stability which
ESM; and the power to recommend the adoption of
are likely to have adverse spill-over effects on other Member
corrective measures to Member States under post-
States in the euro area.
programme surveillance, should be conferred on the
Council. Those powers are of particular relevance to
the policy of economic coordination of Member States,
which, pursuant to Article 121 TFEU, is to take place
When assessing whether a Member State is threatened with
within the Council,
serious difficulties with respect to its financial stability, the
Commission shall use, among other parameters, the alert
mechanism established under Article 3(1) of Regulation (EU)
No 1176/2011 of the European Parliament and of the
HAVE ADOPTED THIS REGULATION:
Council of 16 November 2011 on the prevention and
correction of macroeconomic imbalances ( 2 ) or, where available,
the latest in-depth review. The Commission shall also conduct a
comprehensive assessment, taking into account, in particular,
the borrowing conditions of that Member State, the
Article 1
repayment profile of its debt obligations, the robustness of its
Subject matter and scope
budgetary framework, the long-term sustainability of its public
finances, the importance of its debt burden and the risk of
1. This
Regulation
lays
down
provisions
for
strengthening contagion from severe tensions in its financial sector on its
the economic and budgetary surveillance of Member States
budgetary situation or on the financial sector of other
whose currency is the euro, where those Member States:
Member States.
( 1 ) OJ L 145, 31.5.2001, p. 43.
( 2 ) OJ L 306, 23.11.2011, p. 25.

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L 140/4
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Official Journal of the European Union
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The Member State concerned shall be given the opportunity to
speeding up and clarifying the implementation of the
express its views before the Commission adopts its decision to
excessive deficit procedure
( 2 ), or Regulation (EU)
subject that Member State to enhanced surveillance. Every six
No 1176/2011 concerning its national reform programme
months, the Commission shall decide whether to prolong the
and its stability programme.
enhanced surveillance on that Member State.
The Commission shall inform the competent committee of the
2. Where
the
Commission
decides
to
subject
a
Member
State European Parliament, the EFC, the Eurogroup Working Group,
to enhanced surveillance under paragraph 1, it shall duly inform
and the parliament of the Member State concerned, where
the Member State concerned of all the results of the assessment
relevant and in accordance with national practice, of the
and shall notify the European Central Bank (ECB), in its super
measures referred to in the first subparagraph.
visory capacity, the relevant ESAs and the ESRB accordingly.
2. The
closer
monitoring
of
the
fiscal
situation
laid
down
in
3. Where a Member State is in receipt of financial assistance
Article 10(2), (3) and (6) of Regulation (EU) No 473/2013 of
on a precautionary basis from one or several other Member
the European Parliament and of the Council of 21 May 2013
States or third countries, the EFSM, the ESM, the EFSF, or
on common provisions for monitoring and assessing draft
another relevant international financial institution such as the
budgetary plans and ensuring the correction of excessive
IMF, the Commission shall subject that Member State to
deficit of the Member States in the euro area ( 3 ) shall apply to
enhanced surveillance.
a Member State subject to enhanced surveillance, irrespective of
the existence of an excessive deficit in that Member State. The
report drawn up in accordance with Article 10(3) of that Regu
lation shall be submitted on a quarterly basis.
The Commission shall make public its decisions taken in
accordance with paragraph 1 and with this paragraph.
3. On a request from the Commission, a Member State
subject to enhanced surveillance pursuant to Article 2(1) shall:
4. Paragraph
3
shall
not
apply
to
a
Member
State
receiving
financial assistance on a precautionary basis in the form of a
credit line, which is not conditional on that Member State
adopting new policy measures, provided that the credit line is
(a) communicate to the ECB in its supervisory capacity, and,
not drawn.
where appropriate, to the relevant ESAs, in accordance with
Article 35 of Regulations (EU) No
1093/2010, (EU)
No 1094/2010 and (EU) No 1095/2010, at the requested
frequency, disaggregated information on developments in
5. The
Commission
shall
publish,
for
information
purposes,
its financial system, including an analysis of the results of
a list of the instruments providing precautionary financial
any stress test exercises or sensitivity analyses carried out
assistance, as referred to in paragraph 3 and shall keep it
under point (b) of this paragraph;
updated to take into account possible changes in the financial
support policy of the ESM, the EFSF or of another relevant
international financial institution.
(b) carry out, under the supervision of the ECB in its super
visory capacity, or, where appropriate, under the supervision
of the relevant ESAs, stress test exercises or sensitivity
Article 3
analyses, as necessary, to assess the resilience of the
financial sector to various macroeconomic and financial
Enhanced surveillance
shocks, as specified by the Commission and the ECB, in
liaison with the relevant ESAs and with the ESRB;
1. 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
(c) be required to submit to regular assessments of its super
Member State shall take into account any recommendations
visory capacities over the financial sector in the framework
addressed to it under Council Regulation (EC) No 1466/97 of
of a specific peer review carried out by the ECB, in its
7 July 1997 on the strengthening of budgetary positions and
supervisory capacity, or, where appropriate, by the
the surveillance and coordination of economic policies ( 1 ),
relevant ESAs;
Council Regulation (EC) No 1467/97 of 7 July 1997 on
( 2 ) OJ L 209, 2.8.1997, p. 6.
( 1 ) OJ L 209, 2.8.1997, p. 1.
( 3 ) See page 11 of this Official Journal.

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27.5.2013 Official
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of
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Union L
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(d) communicate to the Commission any information needed
5. The Commission, in liaison with the ECB and with the
for the monitoring of macroeconomic imbalances in
relevant ESAs and, where appropriate, with the IMF, shall
accordance with Regulation (EU) No 1176/2011.
conduct regular review missions in the Member State subject
to enhanced surveillance to verify the progress made by that
Member State in the implementation of the measures referred to
in paragraphs 1, 2, 3 and 4.
On the basis of the analysis of the results of the stress test
exercises and sensitivity analyses referred to in point (a) of
the first subparagraph, and taking into account the conclusions
Every quarter, the Commission shall communicate its
of the assessment of the relevant indicators of the scoreboard
assessment to the competent committee of the European
for macroeconomic imbalances established in Regulation (EU)
Parliament and to the EFC. In that assessment, it shall
No 1176/2011, the ECB, in its supervisory capacity, and the
examine, in particular, whether further measures are needed.
relevant ESAs shall prepare, in liaison with the ESRB, an
assessment of the potential vulnerabilities of the financial
system and shall submit that assessment to the Commission,
at the frequency indicated by the latter, and to the ECB.
The review missions referred to in the first subparagraph shall
replace the on-site monitoring provided for in Article 10a(2) of
Regulation (EC) No 1467/97.
4. On a request from the Commission, a Member State
subject to enhanced surveillance pursuant to Article 2(3) shall:
6. When
preparing
the
assessment
referred
to
in
paragraph
5, the Commission shall take into account the results of any in-
depth review under Regulation (EU) No 1176/2011, including
the evaluation of spill-over effects of national economic policies
(a) communicate to the Commission, the ECB and, where
on the Member State subject to enhanced surveillance, in
appropriate, the relevant ESAs, in accordance with Article 35
accordance with Article 5(2) of that Regulation.
of Regulations (EU) No 1093/2010, (EU) No 1094/2010
and (EU) No 1095/2010, at the requested frequency,
disaggregated information on developments in its financial
system, including an analysis of the results of any stress test
7.
Where the Commission concludes that, on the basis of the
exercises or sensitivity analyses carried out under point (b);
review missions provided for in paragraph 5, further measures
are needed and the financial and economic situation of the
Member State concerned has significant adverse effects on the
financial stability of the euro area or of its Member States, the
Council, acting by a qualified majority on a proposal from the
(b) carry out, under the supervision of the ECB, in its super
Commission, may recommend to the Member State concerned
visory capacity, or, where appropriate, under the supervision
to adopt precautionary corrective measures or to prepare a draft
of the relevant ESAs, stress test exercises or sensitivity
macroeconomic adjustment programme.
analyses, as necessary, to assess the resilience of the
financial sector to various macroeconomic and financial
shocks, as specified by the Commission and the ECB, in
liaison with the relevant ESAs and with the ESRB, and
The Council may decide to make its recommendation public.
share the detailed results with them;
8. Where
a
recommendation
referred
to
in
paragraph
7
is
made public:
(c) be required to submit to regular assessments of its super
visory capacities over the financial sector in the framework
of a specific peer review carried out by the ECB, in its
supervisory capacity, or, where appropriate, by the
(a) the competent committee of the European Parliament may
relevant ESAs;
offer the opportunity to the Member State concerned and to
the Commission to participate in an exchange of views;
(d) communicate to the Commission any information needed
for the monitoring of macroeconomic imbalances in
(b) representatives of the Commission may be invited by the
accordance with Regulation (EU) No 1176/2011.
parliament of the Member State concerned to participate in
an exchange of views;
The Commission, the ECB and the relevant ESAs shall treat any
(c) the Council shall inform the relevant committee of the
disaggregated information communicated to them as
European Parliament in due time about the content of the
confidential.
recommendation.

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9. During the course of the enhanced surveillance process,
The assessment of the sustainability of the government debt
the competent committee of the European Parliament and the
shall be based on the most likely macroeconomic scenario or
parliament of the Member State concerned may invite represen
a more prudent scenario and budgetary forecasts using the most
tatives of the Commission, the ECB and the IMF to participate
up-to-date information and taking proper account of the
in an economic dialogue.
outcome of the reporting referred to in point (a) of Article 3(3)
as well as any supervisory task exercised in accordance with
point (b) of Article 3(3). The Commission shall also assess
the impact of macroeconomic and financial shocks and
Article 4
adverse developments on the sustainability of government debt.
Reporting in the event of financial support for the
recapitalisation of financial institutions
Member States subject to enhanced surveillance or to a macro
The Commission shall make public the macroeconomic
economic adjustment programme receiving financial support for
scenario, including the growth scenario, the relevant parameters
the recapitalisation of their financial institutions shall report
underpinning the assessment of the sustainability of the
twice a year to the EFC on the conditions imposed on those
government debt of the Member State concerned, and the
financial institutions, including the conditions relating to
estimated impact of the aggregate budgetary measures on
executive remuneration. Those Member States shall also report
economic growth.
on the credit conditions offered by the financial sector to the
real economy.
Article 7
Article 5
Macroeconomic adjustment programme
Information on envisaged financial assistance requests
1. Where a Member State requests financial assistance from
one or several other Member States or third countries, the
A Member State intending to request financial assistance from
EFSM, the ESM, the EFSF or the IMF, it shall prepare, in
one or several other Member States or third countries, the ESM,
agreement with the Commission, acting in liaison with the
the EFSF, or another relevant international financial institution,
ECB and, where appropriate, with the IMF, a draft macro
such as the IMF, shall immediately inform the President of the
economic adjustment programme which shall build on and
Eurogroup Working Group, the member of the Commission
substitute any economic partnership programme under Regu
responsible for Economic and Monetary Affairs and the
lation (EU) No 473/2013 and which shall include annual
President of the ECB of its intention.
budgetary targets.
After receiving an assessment from the Commission, the
Eurogroup Working Group shall hold a discussion about the
The draft macroeconomic adjustment programme shall address
intended request with a view to examining, inter alia, the possi
the specific risks emanating from that Member State for the
bilities available under existing Union or euro area financial
financial stability in the euro area and shall aim at rapidly re-
instruments before the Member State concerned addresses
establishing a sound and sustainable economic and financial
potential lenders.
situation and restoring the Member State's capacity to finance
itself fully on the financial markets.
A Member State intending to request financial assistance from
the EFSM shall immediately inform the President of the EFC, the
The draft macroeconomic adjustment programme shall be based
member of the Commission responsible for economic and
on the assessment of the sustainability of the government debt
monetary affairs and the President of the ECB of its intention.
referred to in Article 6, which shall be updated to incorporate
the impact of the draft corrective measures negotiated with the
Member State concerned, and shall take due account of any
recommendation addressed to that Member State under
Article 6
Articles 121, 126, 136 or 148 TFEU and of its actions to
comply with any such recommendation, while aiming at broa
Evaluation of the sustainability of the government debt
dening, strengthening and deepening the required policy
measures.
Where a Member State requests financial assistance from the
EFSM, the ESM, or the EFSF, the Commission shall assess, in
liaison with the ECB and, where possible, with the IMF, the
sustainability of that Member State's government debt and its
actual or potential financing needs. The Commission shall
The draft macroeconomic adjustment programme shall take
submit that assessment to the Eurogroup Working Group
into account the practice and institutions for wage formation
where the financial assistance is to be granted under the ESM
and the national reform programme of the Member State
or the EFSF, and to the EFC where the financial assistance is to
concerned in the context of the Union’s strategy for growth
be granted under the EFSM.
and jobs.

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The draft macroeconomic adjustment programme shall fully
adjustment programme, adverse spill-over effects and macro
observe Article 152 TFEU and Article 28 of the Charter of
economic and financial shocks. The Council, acting by a
Fundamental Rights of the European Union. The Commission
qualified majority on a proposal from the Commission, shall
shall orally inform the Chair and Vice-Chairs of the competent
decide on any change to be made to that programme.
committee of the European Parliament of the progress made in
the preparation of the draft macroeconomic adjustment
programme. That information shall be treated as confidential.
6. The
Member
State
concerned
shall
consider,
in
close
cooperation with the Commission, whether to take all
necessary measures to invite private investors to maintain
2. The
Council,
acting
by
a
qualified
majority
on
a
proposal their overall exposure on a voluntary basis.
from the Commission, shall approve the macroeconomic
adjustment programme prepared by the Member State
requesting financial assistance in accordance with paragraph 1.
7. Where
the
monitoring
referred
to
in
paragraph
4
high
lights significant deviations from a Member State's macro
The Commission shall ensure that the memorandum of under
economic adjustment programme, the Council, acting by a
standing signed by the Commission on behalf of the ESM or of
qualified majority on a proposal from the Commission, may
the EFSF is fully consistent with the macroeconomic adjustment
decide that the Member State concerned does not comply
programme approved by the Council.
with the policy requirements contained in its programme. The
Commission, in its proposal, shall assess explicitly whether such
significant deviations are due to reasons that are not within the
control of the Member State concerned.
3. The
Commission
shall
ensure
consistency
in
the
process
of economic and budgetary surveillance with respect to a
Member State under a macroeconomic adjustment programme
to avoid duplication of reporting obligations.
The budgetary consolidation efforts set out in the macro
economic adjustment programme shall take into account the
need to ensure sufficient means for fundamental policies, such
as education and health care.
4. The
Commission,
in
liaison
with
the
ECB
and,
where
appropriate, with the IMF, shall monitor the progress made
by a Member State in the implementation of its macroeconomic
adjustment programme.
Where a decision is taken under this paragraph, the Member
State concerned shall, in close cooperation with the
Commission and in liaison with the ECB and, where appro
priate, with the IMF, take measures aimed at stabilising
Every three months, the Commission shall inform the EFC of
markets and preserving the good functioning of its financial
such progress. The Member State concerned shall fully
sector.
cooperate with the Commission and with the ECB. It shall, in
particular, provide the Commission and the ECB with all the
information that they consider to be necessary for the moni
toring of the implementation of the macroeconomic adjustment
8. A
Member
State
subject
to
a
macroeconomic
adjustment
programme in accordance with Article 3(4).
programme experiencing insufficient administrative capacity or
significant problems in the implementation of the programme
shall seek technical assistance from the Commission, which may
constitute, for that purpose, groups of experts composed of
The Commission shall inform the Chair and Vice-Chairs of the
members from other Member States and other Union insti
competent committee of the European Parliament orally of the
tutions or from relevant international institutions. The
conclusions drawn from the monitoring of the macroeconomic
objectives and the means of the technical assistance shall be
adjustment programme. That information shall be treated as
explicitly outlined in the updated versions of the macro
confidential.
economic adjustment programme and focus on the area
where major needs are identified. Technical assistance may
include the establishment of a resident representative and
supporting staff to advise authorities on the implementation
of the programme.
5. The
Commission,
in
liaison
with
the
ECB
and,
where
appropriate, with the IMF, shall examine with the Member
State concerned the changes and updates that may be needed
to its macroeconomic adjustment programme in order to take
proper account, inter alia, of any significant gap between
The macroeconomic adjustment programme, including its
macroeconomic forecasts and realised figures, including
objectives and the expected distribution of the adjustment
possible consequences resulting from the macroeconomic
effort, shall be made public.

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L 140/8
EN
Official Journal of the European Union
27.5.2013
The conclusions of the assessment of the sustainability of the
macroeconomic adjustment programmes, with a view to
government debt shall be annexed to the macroeconomic
contributing to building consensus over its content.
adjustment programme.
9. A
Member
State
subject
to
a
macroeconomic
adjustment
Article 9
programme shall carry out a comprehensive audit of its public
Measures to safeguard tax revenue
finances in order, inter alia, to assess the reasons that led to the
building up of excessive levels of debt as well as to track any
A Member State shall, where necessary, take measures in close
possible irregularity.
cooperation with the Commission and in liaison with the ECB
and, where appropriate, with the IMF, aiming to reinforce the
efficiency and effectiveness of revenue collection capacity and
the fight against tax fraud and evasion, with a view to
10. The
competent
committee
of
the
European
Parliament increasing its fiscal revenue.
may offer the opportunity to the Member State concerned
and to the Commission to participate in an exchange of
views on the progress made in the implementation of the
macroeconomic adjustment programme.
Article 10
Consistency with the Stability and Growth Pact
11. Representatives
of
the
Commission
may
be
invited
by 1. Where a Member State is subject to a macroeconomic
the parliament of the Member State concerned to participate
adjustment programme, and the changes thereto, under
in an exchange of views on the progress made in the imple
Article 7 of this Regulation, it shall be exempt from submitting
mentation of its macroeconomic adjustment programme.
a stability programme, under Article 3 of Regulation (EC)
No 1466/97, and shall integrate the content of such a
stability programme into its macroeconomic adjustment
programme.
12. This
Article
shall
not
apply
to
instruments
providing
financial assistance on a precautionary basis, to loans made
for the recapitalisation of financial institutions, or to any new
ESM financial instrument for which the ESM rules do not
provide for a macroeconomic adjustment programme.
2. Where a Member State subject to a macroeconomic
adjustment programme is also the subject of a recommendation
under Article 126(7) TFEU or of a decision to give notice under
Article 126(9) TFEU for the correction of an excessive deficit:
For information purposes, the Commission shall establish a list
of the financial assistance instruments referred to in the first
subparagraph and shall keep it updated to take into account
possible changes in the financial support policy of the ESM.
(a) it shall be exempt from submitting, as appropriate, the
reports under Article 3(4a) and Article 5(1a) of Regulation
(EC) No 1467/97;
Concerning those instruments, the Council, acting on a recom
mendation from the Commission, shall, by a decision addressed
to the Member State concerned, approve the main policy
requirements which the ESM or the EFSF plans to include in
(b) the annual budgetary targets in each macroeconomic
the conditionality for its financial support, to the extent that the
adjustment programme shall be integrated into the recom
content of those measures falls within the competence of the
mendation or decision to give notice, respectively under
Union as laid down by the Treaties.
Article 3(4) and Article 5(1) of Regulation (EC) No 1467/97,
and, where the Member State concerned is subject to a
decision to give notice under Article 126(9) TFEU, the
measures conducive to those targets in the macroeconomic
The Commission shall ensure that the memorandum of under
adjustment programme shall be integrated into the decision
standing signed by the Commission on behalf of the ESM or the
to give notice in accordance with Article 5(1) of Regulation
EFSF is fully consistent with such a Council decision.
(EC) No 1467/97;
Article 8
(c) with regard to the monitoring provided for by Article 7(4)
Involvement of social partners and civil society
of this Regulation, it shall be exempt from monitoring
under Article 10(1) and Article 10a of Regulation (EC)
A Member State shall seek the views of social partners as well
No 1467/97 and monitoring underlying any decision
as relevant civil society organisations when preparing its draft
under Article 4(2) and Article 6(2) of that Regulation.

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EN
27.5.2013 Official
Journal
of
the
European
Union L
140/9
Article 11
financial situation. Every six months, it shall communicate its
assessment to the competent committee of the European
Consistency with Regulation (EU) No 1176/2011
Parliament, to the EFC and to the parliament of the Member
Where a Member State is subject to a macroeconomic
State concerned and shall assess, in particular, whether
adjustment programme, Regulation (EU) No 1176/2011 shall
corrective measures are needed.
not apply to that Member State for the duration of that
programme, save that the indicators in the scoreboard estab
lished in Regulation (EU) No 1176/2011 shall be integrated into
the monitoring of that programme.
The competent committee of the European Parliament may
offer the opportunity to the Member State concerned to
participate in an exchange of views on the progress made
under post-programme surveillance.
Article 12
Consistency with the European Semester for economic
policy coordination
4. The
Council,
acting
on
a
proposal
from
the
Commission,
may recommend to a Member State under post-programme
Where a Member State is subject to a macroeconomic
surveillance to adopt corrective measures. The proposal from
adjustment programme, it shall be exempt from the monitoring
the Commission shall be deemed to be adopted by the Council
and assessment of the European Semester for economic policy
unless the Council decides, by a qualified majority, to reject it
coordination under Article 2-a of Regulation (EC) No 1466/97
within 10 days of the Commission's adoption thereof.
for the duration of that programme.
5. The
parliament
of
the
Member
State
concerned
may
invite
Article 13
representatives of the Commission to participate in an exchange
of views on the post-programme surveillance.
Consistency with Regulation (EU) No 473/2013
Where a Member State is subject to a macroeconomic
adjustment programme, Regulation (EU) No 473/2013 shall
not apply to that Member State for the duration of that
Article 15
programme, with the exception of Articles 1 to 5 and 13 to
18 of that Regulation.
Voting within the Council
For the measures referred to in this Regulation, only members
of the Council representing Member States whose currency is
the euro shall vote and the Council shall act without taking into
Article 14
account the vote of the member of the Council representing the
Member State concerned.
Post-programme surveillance
1. A Member State shall be under post-programme
surveillance as long as a minimum of 75 % of the financial
assistance received from one or several other Member States,
A qualified majority of the members of the Council referred to
the EFSM, the ESM or the EFSF has not been repaid. The
in the first paragraph shall be calculated in accordance with
Council, on a proposal from the Commission, may extend the
Article 238(3)(a) TFEU.
duration of the post-programme surveillance in the event of a
persistent risk to the financial stability or fiscal sustainability of
the Member State concerned. The proposal from the
Commission shall be deemed to be adopted by the Council
Article 16
unless the Council decides, by a qualified majority, to reject it
within 10 days of the Commission's adoption thereof.
Application to Member States in receipt of financial
assistance
Member States in receipt of financial assistance on 30 May
2013 shall be subject to this Regulation as from that date.
2. On a request from the Commission, a Member State
under post-programme surveillance shall comply with the
requirements under Article 3(3) of this Regulation and shall
provide the information referred to in Article 10(3) of Regu
Article 17
lation (EU) No 473/2013.
Transitional provisions
Notwithstanding Article 14, Members States that are under
post-programme surveillance on 30 May 2013 shall be
3. The
Commission
shall
conduct,
in
liaison
with
the
ECB, subject to the post-programme surveillance rules, conditions
regular review missions in the Member State under post-
and procedures applicable to the financial assistance from
programme surveillance to assess its economic, fiscal and
which they benefit.

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L 140/10
EN
Official Journal of the European Union
27.5.2013
Article 18
(a) the effectiveness of this Regulation;
Informing the European Parliament
The European Parliament may invite representatives of the
(b) progress in ensuring closer coordination of economic
Council and of the Commission to enter into a dialogue on
policies and sustained convergence of economic
the application of this Regulation.
performance of the Member States in accordance with the
TFEU;
Article 19
Reports
(c) the contribution of this Regulation to the achievement of
the Union’s strategy for growth and jobs.
By 1 January 2014, and every five years thereafter, the
Commission shall submit to the European Parliament and to
the Council a report on the application of this Regulation,
Article 20
accompanied, where appropriate, by a proposal to amend this
Regulation. The Commission shall make that report public.
Entry into force
This Regulation shall enter into force on the third day following
The reports referred to in the first subparagraph shall evaluate,
that of its publication in the Official Journal of the European
inter alia:
Union.
This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaties.
Done at Strasbourg, 21 May 2013.
For the European Parliament
For the Council
The President
The President
M. SCHULZ
L. CREIGHTON

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