council opinion februari updat stabil programm luxembourg 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 stabil programm luxembourg cover period econom perform luxembourg remark bright year real gdp grow year averag domest employ growth slow strongli recov quickli reach financi posit luxembourg govern tradition sound recurr surplus begin low public debt due strong rise expenditur surplus rapidli declin begin decad turn deficit opinion januari council endors budgetari strategi present previou updat stabil programm cover period budgetari implement gener govern deficit estim gdp commiss servic autumn forecast gdp target set previou updat stabil programm roughli half observ deterior explain statist revis implement luxembourg author eurostat decis statist treatment project financ ppp govern revenu project previou updat increas percentag point gdp rose percentag point gdp part due larg unexpect vat reimburs govern expenditur increas percentag point gdp percentag point account public invest percentag point gdp plan programm broadli model structur data provis requir stabil converg programm code conduct programm macroeconom scenario real gdp growth acceler estim assess inform scenario appear base broadli plausibl growth assumpt slightli favour outer year programm project inflat realist take account hicp luxembourg extrem sensit oil price programm aim bring gener govern deficit close balanc end programm period achiev medium term object gdp year time profil level primari balanc similar total balanc improv gdp primari deficit primari surplu end period deficit reduct expenditur base total govern expenditur project declin percentag point period revenu ratio decreas percentag point gdp order cope unexpect deterior govern balanc budgetari strategi adapt submiss previou updat base optimist macroeconom scenario gener govern deficit improv estim gdp project plan remain broadli level programm period structur balanc cyclic adjust balanc net temporari measur calcul commonli agre methodolog plan improv averag slightli gdp year adjust back load significantli increas nomin structur term programm set medium term object mto budgetari posit structur deficit gdp aim achiev posit programm mto similar minimum benchmark aim provid suffici safeti margin order guarante threshold set gener govern deficit breach achiev fulfil aim provid safeti margin mto consid current assess li rang euro area erm ii member state stabil growth pact code conduct adequ reflect debt ratio averag potenti output growth long term budgetari outcom wors project programm macroeconom project present programm slightli optimist year period cover measur announc programm aim continu adjust effort achiev programm budgetari object condit specif proper implement measur view risk assess budgetari stanc programm suffici ensur mto achiev latest envisag programm condit measur announc properli implement commiss servic calcul risk breach gdp deficit threshold normal macroeconom fluctuat exclud onward plan structur deficit lower minimum benchmark safeti margin suffici expenditur reduc measur announc year implement pace adjust mto broadli line stabil growth pact specifi euro area erm ii member state annual improv structur balanc gdp benchmark improv structur deficit plan programm amount percentag point gdp favour econom condit gener govern debt estim gdp project programm rise gdp main part increas occur regard sustain public financ luxembourg appear medium risk ground project budgetari cost ag popul current level debt low plan consolid medium term contribut partli allevi risk public financ sustain luxembourg experienc decad period exception strong employ growth progress translat similar increas number pension larg increas pension expenditur contribut significantli public financ sustain current size pension fund asset suffici recognis programm pension scheme prove point futur increas public expenditur reduc risk long term sustain programm strategi area public financ broadli consist broad econom polici guidelin includ integr guidelin period integr guidelin secur econom stabil maintain medium term budgetari object econom cycl long object achiev govern commit take correct measur line stabil growth pact integr guidelin safeguard econom sustain view project cost ag popul nation reform programm luxembourg submit novemb identifi challeng signific implic public financ secur econom stabil ii safeguard econom sustain identifi challeng area signific impact public financ significantli increas public amp budgetari implic action outlin nation reform programm reflect budgetari project stabil programm measur area public financ envisag stabil programm line action foreseen nation reform programm global strategi deficit reduct expenditur restraint present programm commend council opinion luxembourg author strengthen effort budgetari adjust identifi implement measur improv long term sustain increas public expenditur reform pension system 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 dec hicp inflat sp dec nov sp dec output gap potenti gdp sp dec nov sp dec gener govern balanc gdp sp dec nov sp dec primari balanc gdp sp dec nov sp dec cyclic adjust balanc structur balanc gdp sp dec nov sp dec govern gross debt gdp sp dec nov sp dec oj regul amend regul ec oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm gap compulsori option data prescrib code detail long term sustain provid technic assess programm commiss servic http europa eu int comm economi financ activ sgp main en htm commiss servic calcul basi inform programm base estim potenti growth period temporari measur programm cyclic adjust balanc structur balanc ident