In March 2011, the ECOFIN council reached a preliminary agreement for the content of the Sixpack with the commission, and negotiations for endorsement by the European Parliament then started.

All 27 EU member states are committed by the paragraphs in the EU Treaty, referred to as the Stability and Growth Pact (SGP), to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year have a declining trend.

These reforms do not change any of the conditions already imposed by the SGP, but aim to enforce greater budgetary discipline among the Member States of the euro area by stipulating that sanctions come into force earlier and more consistently.

[citation needed] The argument presented was, that Member States sharing the same currency will also need more integration of fiscal policies (closer collaboration on fiscal matters) and tighter budgetary surveillance, to prevent and combat the occurrence of financial instability caused by macroeconomic imbalances inside the monetary union.

In regards of the increased reporting frequency for member states with an open EDP, and the requirement to set up independent national bodies monitoring compliance with the fiscal rules, these article provisions will however only apply starting from 31 October 2013.

[16][17] The provisions of the Two-pack (which only apply for Eurozone member states), complements and extends the Stability and Growth Pact already reformed by the Six-pack, and it also integrates some elements of the already ratified intergovernmental European Fiscal Compact, directly into EU law.

The new legal structure introduced by the Two-pack, was in March 2013 expected to be used for the first time, when the 2014 fiscal budget draft laws shall be submitted to the European Commission for prior review and comments by 15 October 2013.

The European Commission presented the proposal 12 September 2012 and at the EU summit in October, it was agreed to formally request that a final proposal for the SSM framework be agreed between the Council and Parliament before the end of the year, with the aim for the SSM to be founded in 2013 and fully established to cover all banks starting from 1 January 2014.

Remaining issues for the ECOFIN council to consider at their next meeting on 4 December 2012, is to decide on: "the role of the national supervisors, the governance of the ECB and the voting rights within EBA".

Any change of the EU legislation about EBA require (according to article 114 of the TFEU): A qualified majority at the council in conjunction with the Parliament's approval.