Most recent decisions and updates
- Further to the Commission recommendation of 23 May, on 22 June 2018 the Council closed the excessive deficit procedure for France.
- The Commission also adopted reports for Belgium and Italy under Article 126(3) TFEU, in which it reviews their compliance with the debt criterion of the Treaty. In the case of Italy, the analysis suggests that the debt criterion should be considered as currently complied with, notably as Italy was found broadly compliant with the preventive arm of the Pact in 2017. For Belgium, as there is no sufficiently robust evidence to conclude that Belgium did not comply with the preventive arm requirements, the report could not fully conclude as to whether the debt criterion is or is not complied with. The Commission will reassess next year the two countries' compliance with the Stability and Growth Pact on the basis of the ex-post data for 2018, to be notified in Spring 2019.
- On 23 May 2018, the Commission addressed a warning to Hungary and Romania on the existence of a significant deviation from the adjustment path toward the medium-term budgetary objective (MTO) in 2017. The Commission proposes that the Council adopt a recommendation for Hungary to take appropriate measures in 2018 with a view to correcting this significant deviation. For Romania, which is already subject to a significant deviation procedure, the Commission recommends that the Council issue a decision on non-effective action and a recommendation to take measures in 2018 and 2019 to correct the significant deviation.
- The Commission issued an opinion on the updated Draft Budgetary Plan (DBP) for Spain (23 May 2018), as the Plan submitted in October 2017 was based on a “no policy change” scenario. The Commission considers the updated Draft Budgetary Plan is broadly compliant with the requirements under the Stability and Growth Pact, since the Commission’s Spring 2018 Economic Forecast projects that Spain’s headline deficit will be below the Treaty reference value of 3% of GDP in 2018. Nonetheless, the opinion notes that neither the headline deficit target nor the fiscal effort called for in the 2016 Council notice are projected to be met this year.
Overview of ongoing and closed excessive deficit procedures
Overview of ongoing excessive deficit procedures
Date of the Commission report
Council Decision on existence of excessive deficit (Art.104.6/126.6)
Current deadline for correction
18 February 2009
27 April 2009
Overview of closed excessive deficit procedures
No excessive deficit procedures