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In ‘Reforming European Economic Governance: The European Semester and other Recent Developments’, Michael G Tutty examines the recent major economic reforms in the European Union. These reforms are far reaching and have major implications for economic governance in Ireland and across the EU. Despite this, little information on this new architecture is available in Ireland. This paper aims to address this by explaining these reforms and the new processes they’ve created.
In his paper, Mr Tutty examines the operational features of economic governance after the reforms introduced by the Six-Pack, the Two-Pack and the Treaty on Stability, Coordination and Governance. He sketches the process of the European Semester and he examines the enhanced Stability and Growth Pact, the new Macroeconomic Imbalances Procedure, the new rules on budgetary frameworks and budgetary supervision and the new provisions for Member States under a bailout.