This background analysis provides a first critical assessment of the two regulations on European economic governance (known as the 'two pack') which were adopted in May 2013. The two pack aims to further strengthen EU-level surveillance of national budgets.

The analysis looks at the legislative process that led to the adoption of the two pack and tries to answer questions about the impact on austerity policies and growth and on the room for manoeuvre for member states to define their budgetary policies.

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