Glossary

A procedure that allows issuers to increase the outstanding amount of an existing issuance. 

See Fiscal Compact.

The second package of proposals on economic governance that was presented by the European Commission in November 2011 and builds on the so-called Six-Pack of economic governance proposals. The two draft regulations introduce provisions for enhanced monitoring of euro area countries budgetary policies.
Under the European Commission's proposals, euro area Member States would be required to submit annually to the European Commission and the Eurogroup their draft budgetary plans for the next year by 15 October. Closer monitoring would apply to euro area countries in an excessive deficit procedure in order to enable the European Commission to better assess whether a risk of non-compliance with the deadline to correct the excessive deficit exists. Euro area countries  experiencing severe difficulties with regard to their financial stability or receiving financial assistance would be subject to even more tringent monitoring.