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 updat programm compli data requir revis quot code conduct quot content format stabil converg programm budgetari strategi underli updat base maintain balanc public financ medium term govern intend cut public spend drastic present period weak econom growth measur limit growth rate public expenditur updat project real gdp growth growth estim pick increas employ growth expect deceler increas slightli hicp inflat forecast decreas gradual basi inform macroeconom scenario underli programm plausibl growth project high side updat target gener govern deficit gdp mark deterior gdp deficit foreseen deterior larg extent reflect lag impact econom slowdown public financ cyclic adjust term base commiss calcul commonli agre methodolog stabl surplu deficit rise gdp decreas gdp cyclic adjust term surplu maintain debt ratio forecast declin time horizon cover updat gdp gdp balanc risk budgetari project skew downsid strength expect cyclic upturn feasibl plan slowdown expenditur baselin project updat advers econom circumst gdp threshold breach hand cyclic adjust balanc mainten budgetari posit close balanc suffici establish programm estim output gap cyclic adjust balanc present unusu margin uncertainti due special featur economi luxembourg current estim rate potenti growth medium term high end plausibl outcom start posit public financ sound expenditur restraint call order ensur public expenditur remain line revenu base medium term note ratio public invest gdp declin time horizon cover remain eu averag gdp luxembourg present risk unsustain public financ long term debt gdp ratio remain low project period total net asset posit favour view substanti financi asset accumul past year fiscal surplus econom polici reflect updat programm broadli consist recommend broad econom polici guidelin specif budgetari implic oj