Abstract
Abstract This chapter looks at Article 121 TFEU, which defines the principal means to be used to coordinate the Member State’s (MS) economic policies through a process of multilateral surveillance. It mentions the surveillance system that involves the European Council. It also describes the feature of the surveillance system that seeks to ensure that MS collectively take full ownership of the coordination process by bringing in heads of states or government and not leaving the process at a lower political level in the hands of ministers. The chapter talks about the Stability and Growth Pact (SGP) that seeks to promote sound public finances over the medium term through the coordination of economic policies and multilateral surveillance. It details how Article 121 TFEU provides a basis for preventive measures to be taken before corrective action is needed.
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