council opinion march updat stabil programm netherland 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 march council examin updat stabil programm netherland cover period buoyant econom growth half gdp growth averag year support boom hous market rise stock price growth standstil year earli comfort surplu gener govern balanc deterior sharpli turn deficit exceed gdp threshold june council decid netherland excess deficit recommend excess deficit correct substanti budgetari consolid achiev reduc deficit gdp june council decid excess deficit netherland correct abrog excess deficit decis opinion januari previou updat stabil programm cover period council invit netherland ensur deficit brought gdp view risk pro cyclic challeng ag popul measur achiev budgetari posit close balanc budgetari implement decemb updat estim gener govern deficit fell gdp deficit target gdp set novemb updat stabil programm deficit project gdp commiss servic autumn forecast largest part improv attribut expect revenu higher ga price higher dividend vat corpor tax revenu recent estim present parliament deficit gdp substanti lower project programm updat decemb updat dutch stabil programm cover period submit commiss decemb week deadlin decemb prescrib code conduct author late submiss caus includ econom project supplementari polici programm broadli model structur stabil converg programm code conduct programm project real gdp growth increas estim slow project pick growth driven recoveri domest demand export econom growth project impli gradual decreas neg output gap plausibl view recent posit econom data inflat expect stabilis fall low side compar commiss servic autumn forecast author main strateg object achiev sound public financ support sustain econom growth absorb cost ag substanti consolid achiev updat stabil programm project gener govern deficit increas subsequ stabilis gdp primari surplu similar pattern compar previou programm foresaw continu deficit reduct updat take account expect deficit outcom gdp forese background compar macroeconom scenario onward broad stabilis level deterior base commiss servic calcul basi programm commonli agre methodolog structur balanc improv markedli deficit gdp excess deficit occur balanc posit reflect strong adjust effort line stabil growth pact deterior deficit gdp diminish neg output gap half structur deterior reflect fact compani paid higher expect tax advanc advantag market interest rate paid govern expect mirror effect structur deficit balanc stabilis deficit slightli half percentag point gdp programm set medium term object mto budgetari posit structur cyclic adjust net temporari measur balanc gdp mto level li rang euro area erm ii member state stabil growth pact code conduct adequ reflect debt ratio averag potenti output growth long term project fiscal deterior deficit expect remain mto rang set programm risk budgetari strategi broadli balanc budget outcom expect hand current indic suggest strong pick econom activ deficit expect substanti lower exist posit risk programm budgetari project oil price turn higher anticip programm budget benefit higher ga revenu growth forecast consist higher oil price hand expect outcom neg carri effect clear expect budgetari save reform health social secur system forc begin fulli achiev behaviour effect reform assess accuraci take account risk assess budgetari strategi outlin programm suffici ensur programm mto maintain programm period project structur balanc year fall mto rang programm minimum benchmark structur deficit gdp ensur suffici margin breach gdp threshold case advers cyclic develop strong econom recoveri deterior gdp structur balanc partli due except factor recent inform posit outcom confirm fiscal deterior impli target larger author measur programm project govern debt broadli stabilis gdp gradual decreas project close commiss servic risk debt forecast stem primarili risk deficit project state broadli balanc regard sustain public financ netherland appear medium risk ground project budgetari cost ag popul current level debt treati gdp recent improv budgetari situat netherland help allevi risk long term sustain implement recent reform disabl scheme contribut curb long term public spend fulli account project futur rise revenu notabl due delai taxat pension suffici compens rise public expenditur long term budgetari consolid fulli offset impact ag envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period line integr guidelin secur econom stabil maintain medium term budgetari object econom cycl programm compli integr guidelin safeguard econom sustain view project cost ag popul nation reform programm netherland submit octob context renew lisbon strategi growth job identifi improv labour suppli faster growth labour product strengthen amp innov improv price competit labour cost challeng strengthen amp innov expect signific implic public financ limit inform time structur reform area difficult ascertain action outlin nation reform programm fulli reflect budgetari project stabil programm measur area public financ envisag stabil programm broadli line action foreseen nation reform programm view assess council welcom effort dutch govern bring deficit gdp refer prompt correct excess deficit fact author plan respect medium term object programm period council invit netherland view expect result maintain strong budgetari posit comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic autumn econom forecast commiss servic calcul real gdp chang sp dec nov sp nov hicp inflat sp dec nov sp nov output gap potenti gdp sp dec nov sp nov gener govern balanc gdp sp dec nov sp nov primari balanc gdp sp dec nov sp nov cyclic adjust balanc structur balanc gdp sp dec nov sp nov govern gross debt gdp sp dec nov sp nov oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm chapter miss polici framework incomplet qualiti public financ structur reform compulsori data basic assumpt miss programm subsequ suppli dutch author import part option data prescrib code conduct miss calcul point estim commiss servic calcul basi inform programm temporari measur programm cyclic adjust balanc structur balanc ident base estim potenti growth period