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The Council endorsed, without discussion, two documents relating to the implementation of the "two-pack" of economic governance regulations:
The Council also decided not to raise objections to a draft Commission delegated decision on the content and scope of reporting obligations for Member States subject to an excessive deficit procedure.
Under the two-pack (regulations 472/13 and 473/13), which was adopted by the Council on 13 May and entered into force on 30 May, euro area Member States must each year submit their draft budgets for the following year by 15 October. If examination of a draft budget reveals serious non-compliance with budgetary obligations laid down in the EU's Stability and Growth Pact, the Commission asks the Member State to revise its draft budget.
Article 6(5) of regulation 473/13 requires the Commission, in cooperation with the Member States, to establish a harmonised framework to specify the content of Member States' draft budgets. The code of conduct has been drawn up in accordance with this requirement.