Commission assesses Stability Programmes of Ireland, Greece and Spain and Convergence Programmes of Denmark and Lithuania
19/02/2008. Today the Commission assessed the updated Stability Programmes of Ireland, Greece and Spain (see Press Release ).
It also assessed the updated Convergence Programmes of Denmark and Lithuania (see Press Release ). Two groups of countries were already assessed in January and discussed at the 12 February EU Finance Ministers Council.
On 13 February the Commission examined a third group of programmes. The programmes from the third and fourth group are expected to be discussed at the 4 March EU Finance Ministers Council.
According to Council Regulation (EC) No 1466/97 on the strengthening of budgetary surveillance and the surveillance and coordination of economic policies (as amended by Regulation No 1055/2005), Member States must submit updated macroeconomic and budgetary projections every year. Such updates are called stability programmes in the case of countries that have adopted the euro, and convergence programmes in the case of those that have not yet done so.
This regulation is also referred to as the 'preventive arm' of the Stability and Growth Pact.