These objectives are at the core of the recently approved financial assistance programme to Portugal. At the EU level, a new economic governance model is needed to deliver fiscal discipline, prevent sustained losses in competitiveness and promote financial stability.
For this purpose, in October 2010, the European Council endorsed the proposals put forward by a special task force on economic governance led by President van Rompuy. Building on the recommendations of the task force, the European Parliament and the Council adopted, in November 2011, the six legislative proposals presented by the European Commission in September 2010.