Related Legislation
The legislation governing public expenditure and sustainability of public finances in Malta, ‘The Fiscal Responsibility Act’ was introduced in 2014. Although the government has fiscal obligations with the EU, particularly in terms of the Stability and Growth Pact (SGP), locally there were no legal provisions on fiscal transparency before the Act was enacted. Amongst the requirements, this law provided for the setting up of the Fiscal Council. The MFAC treats both sets of legislation, at local and EU level, as equally important and considers both in its assessments on compliance with fiscal rules. The SGP is formed of two parts, the corrective arm which is in respect of countries following an Excessive Deficit Procedure, and the preventive arm which safeguards that compliant countries keep on complying with the rules and consolidate their fiscal position. Malta is currently part of the preventive arm of the Pact.
EU Legislation
Vade Mecum on the Stability and Growth Pact
Click here to download the handbook on the procedures and methodologies used to implement the EU’s Stability and Growth Pact.
Resolution on the Stability and Growth Pact
The Stability and Growth Pact’s Corrective Arm
- Council Regulation (EC) No 1467/97 of 7 July 1997:
On speeding up and clarifying the implementation of the excessive deficit procedure - Council Regulation (EC) No 1056/2005 of 27 June 2005:
Amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure - Council Regulation (EC) No 479/2009 of 25 May 2009:
On the application of the Protocol of the excessive deficit procedure annexed to the Treaty establishing the European Community - Council Regulation (EC) No 679/2010 of 26 July 2010:
Amending Regulation (EC) No 479/2009 as regards to the quality of statistical data in the context of the excessive deficit procedure - Council Regulation (EU) No 1177/2011 of 8 November 2011:
Amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure
The Stability and Growth Pact’s Preventive Arm
- Council Regulation (EC) No 1466/97 of 7 July 1997:
On the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies - Council Regulation (EC) No 1055/2005 of 27 June 2005:
Amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies - Council Regulation (EC) No 1175/2011 of 16 November 2011:
Amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies
The Fiscal Compact
- Treaty on Stability, Coordination and Governance in theEconomic and Monetary Union, agreed at the EU Summit of 30 January 2012
The ‘Six Pack’
- Council Directive 2011/85/EU of 8 November 2011:
On requirements for budgetary frameworks of the Member States - Regulation (EU) No 1173/2011 of 16 November 2011:
On the effective enforcement of budgetary surveillance in the euro area - Regulation (EU) No 1174/2011 of 16 November 2011:
On enforcement measures to correct excessive macroeconomic imbalances in the euro area - Regulation (EU) No 1175/2011 of 16 November 2011:
Amending Council Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies - Regulation (EU) No 1176/2011 of 16 November 2011:
On the prevention and correction of macroeconomic imbalances - Regulation (EU) No 1177/2011 of 8 November 2011:
Amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure
The ‘Two Pack’
- Regulation (EU) No 472/2013 of 21 May 2013:
On the strengthening of economic and budgetary surveillance of the Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability - Regulation (EU) No 473/2013 of 21 May 2013:
On common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area
