The European Union has created new economic governance measures in response to the global financial crisis. These measures aim to centralize fiscal policy through reforms like the Stability and Growth Pact and the Fiscal Pact. Additional pacts like the Euro Plus Pact and Competitiveness Pact are also in place to maintain currency stability and promote structural reform. However, there are concerns that these new mechanisms may give too much power to certain EU member states, potentially undermining common institutions. To address this, it is suggested that decision-making should be more democratic and involve EU authorities. The current coordination mechanisms have not fully resolved the crisis, so improvements are needed for Serbian economic policies towards the EU.