The broad economic policy guidelines (BEPG) are the central link in coordination of the Member States' economic policies. They are adopted by the Council in the form of a non-legally binding recommendation. However, they are subject to a multilateral surveillance mechanism which aims to ensure that Member States comply with them.

Under this surveillance mechanism, the Commission is responsible for providing the Council with information on the economic development of each of the Member States. If the economic policies of a Member State do not comply with the BEPGs or there is a risk they could compromise the functioning of the Economic and Monetary Union (EMU), the Commission may issue the Member State concerned with a warning. Furthermore, the Council can address recommendations to the Member State, which may be made public.

The European Parliament is informed of the results of the multilateral surveillance. It may also be called upon to participate in establishing the arrangements for this surveillance.