Excessive deficit procedures - overview
This is an overview of the current situation concerning the ongoing excessive deficit procedures, as well as documentation on the closed procedures.
Launching an Excessive Deficit Procedure
The Excessive Deficit Procedure (EDP) follows a step-by-step procedure that is outlined in detail under Art. 126 of the Treaty.
Assessment of effective action
Countries in EDP are given a deadline of six months (or three for a serious breach) to comply with recommendations that provide them with a concrete path for correcting their excessive deficit within a set timeframe.
Stepping up or abrogating the EDP
The EDP will be stepped up for Member States for which the assessment shows that they have failed to take effective action to correct the excessive deficit in time. This means that they will receive revised recommendations, which may include a new timeline to address the excessive deficit.
Excessive Deficit Procedure under the Two Pack regulation
The Two Pack regulation, which entered into force on May 30, 2013, includes specific provisions on closer monitoring of euro area Member States in Excessive Deficit Procedure (EDP).