council decis june exist excess deficit franc applic articl treati establish european commun ec council european union regard treati establish european commun articl thereof regard recommend commiss articl regard observ made franc 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 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 franc council opinion public commiss notif deficit debt data show gener govern deficit franc reach gdp year commiss accord articl treati adopt april report franc take account relev factor accord articl treati econom financi committe formul opinion report commiss commiss consid exist excess deficit franc articl treati lai council observ member state concern make council decid assess excess deficit exist assess lead conclus gener govern deficit reach gdp franc budgetari develop advers affect continu weak econom activ excess gener govern deficit gdp refer result mean treati unusu event control french author result sever econom downturn commiss calcul deterior budgetari posit result worsen cyclic adjust budgetari posit breach gdp threshold root revers budgetari consolid process place temporari french author commiss spring forecast gener govern deficit gdp final debt ratio increas breach gdp treati refer year adopt decis articl assess excess deficit exist franc articl decis address french republ luxembourg june council presid christodoulaki oj oj regul amend commiss regul ec oj