council opinion februari updat converg programm unit kingdom council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion februari council examin updat converg programm unit kingdom cover period programm envisag govern surplu gdp smaller surplu balanc deficit gdp year council consid programm stress secur macroeconom stabil support sound monetari fiscal polici continu structur reform programm built macro econom framework show return gdp growth close trend put council consid realist cautiou project programm public financ reason caution base lower assumpt trend growth respect inflat interest rate unit kingdom continu fulfil converg criterion margin council note monetari framework inflat target oper respons interest rate bank england import condit secur low inflat expect council note current polici framework programm project uk inflat target achiev programm period unit kingdom fulfil converg criterion long term interest rate time help confirm credibl uk stabil orient framework macroeconom polici note sign reduc exchang rate volatil conclud polici framework deliv stabl exchang rate council recommend unit kingdom continu stabil orient polici view secur exchang rate stabil turn reinforc stabl econom environ gener govern financ close balanc underli term fulfil requir stabil growth pact council note persist deficit gdp emerg year plan larger deficit gdp final year previou updat line prescript quot close balanc surplu quot contain stabil growth pact council acknowledg emerg project result cautiou trend growth assumpt annum consequ increas govern invest share gdp expenditur total trend growth higher expect complianc bepg requir ambiti budgetari outcom specif recommend uk bepg advis uk pursu polici substanti rais ratio govern fix invest gdp recommend context firm control govern expenditur keep underli posit govern financ broadli unchang council encourag govern aliv deterior public financ term stabil growth pact remedi action council note govern gross debt ratio unit kingdom remain gdp expect fall council welcom envisag reduct gross debt ratio gdp council welcom structur reform includ programm note approv progress econom reform rais product level competitor secur improv labour market council note programm long term project public financ descript polici address minimis impact ag welcom sustain posit project oj