Commission concludes effective action was taken by twelve Member States in excessive deficit procedure

What is the legal background?

The EU budgetary surveillance framework implies, inter alia, that excessive deficits should be avoided. The excessive deficit procedure (EDP), as the "corrective arm" of the Pact, is regulated by Article 126 of the Treaty and further specified in Council Regulation 1467/97.

Which steps were taken under the excessive deficit procedure today?

The Commission concluded that effective action in compliance with the Council recommendations of December 2009 under Article 126(7) was taken by Belgium, the Czech Republic, Germany, Ireland, Spain, France, Italy, the Netherlands, Austria, Portugal, Slovenia and Slovakia. The Commission concluded that at this juncture no further steps under the excessive deficit procedure are necessary for these countries.

Documents

>> Press release IP/10/739 Commission concludes effective action was taken by twelve Member States in excessive deficit procedure  
>> Overview of ongoing excessive deficit procedures