council decis juli exist excess deficit malta ec council european union regard treati establish european commun articl thereof regard recommend commiss regard observ made malta articl treati member state avoid excess govern deficit appli member state derog case countri join european union stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation 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 examin relev factor account report accord articl regard opinion econom financi committe accord articl commiss conclud opinion june exist excess deficit malta articl treati lai council observ member state concern make decid assess excess deficit exist assess lead conclus gener govern deficit reach gdp malta gdp due oper gdp treati refer excess gener govern deficit refer result unusu event control maltes author result sever econom downturn mean stabil growth pact gener govern deficit remain gdp commiss spring forecast deficit project reach gdp converg programm malta forecast deficit gdp debt ratio diverg gdp treati refer adopt decison articl assess excess deficit exist malta articl decis address republ malta brussel juli council presid zalm oj regul amend commiss regul ec oj