council decis januari exist excess deficit germani applic articl treati establish european commun ec council european union regard treati establish european commun articl thereof regard recommend commiss articl treati regard observ made germani stage econom monetari union emu articl treati member state avoid excess govern deficit stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation amsterdam resolut european council stabil growth pact june solemnli invit parti member state council commiss implement treati stabil growth pact strict time manner excess deficit procedur articl decis exist excess deficit protocol excess deficit procedur annex treati set provis relat implement excess deficit procedur council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun lai detail rule definit applic provis protocol articl treati requir commiss address opinion council commiss consid excess deficit member state exist occur commiss address opinion germani council januari opinion public autumn forecast novemb show govern deficit gdp germani commiss accord articl treati prepar novemb report germani take account relev factor accord articl treati econom financi committe formul opinion report commiss germani submit updat stabil programm accord articl council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici adopt feder govern decemb updat govern deficit amount gdp commiss consid exist excess deficit germani articl treati lai council observ member state concern make council decid assess excess deficit exist assess lead conclus late germani enjoi strong econom growth progress fiscal consolid limit gener govern deficit remain gdp budgetari leewai accommod effect cyclic slowdown unexpect revenu shortfal tax reform implement low gdp deficit rose gdp significantli exceed refer year gener econom condit weaken germani overrun budgetari expenditur shortfal revenu partial explain cyclic factor govern debt project rise gdp end level exceed albeit slightli respect refer gdp adopt decis articl assess excess deficit exist germani articl decis address feder republ germani brussel januari council presid christodoulaki oj regul amend commiss regul ec oj oj