council opinion march 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 march council examin updat stabil programm luxembourg cover period programm fulli compli requir code conduct content format programm endors ecofin council juli transmit week delai programm partli conform recommend bepg real gdp growth deceler estim forecast includ stabil programm slowdown larg extent due advers develop financi servic account quarter total ad basi cautiou macroeconom scenario assum mute recoveri econom activ commiss autumn forecast real gdp growth expect pick gradual council note govern financ deterior markedli revenu deceler respons combin impact tax reform econom slowdown expenditur growth remain strong gener govern budget balanc expect show deficit gdp sharp deterior compar larg surplu gdp gener govern balanc project remain deficit gdp deterior slightli deficit gdp reach posit close balanc slight nomin deficit gdp underli gener govern balanc expect remain posit horizon cover stabil programm council consid luxembourg continu conform requir stabil growth pact reach budgetari posit close balanc surplu medium term council note sound manag public financ continu guid principl updat council welcom main element budgetari framework place inter alia encompass cautiou macroeconom project basi budgetari polici principl net public sector lend posit achiev balanc budget central govern rise current expenditur exce growth total expenditur council welcom reduct tax burden implement tax reform aim sound budgetari posit medium term context encourag futur govern adher real expenditur ceil compat achiev budgetari posit close balanc surplu medium term council express concern rapid deterior budget balanc central govern account part gener govern sector balanc central govern surplu gdp project regist deficit gdp gdp central govern deficit expect deterior gdp council note partli due revenu shortfal respons econom slowdown central govern expenditur project increas rapidli start posit public financ luxembourg extrem sound continu fast increas current expenditur factor risk econom growth medium term slow significantli basi current polici council consid public financ luxembourg good posit meet project cost ag popul council note assess sustain public financ luxembourg sensit develop number cross border worker council consid commit sustain balanc budget posit come year broadli light project budgetari impact ag popul welcom measur improv attract pillar privat pension oj recent data commun march show central govern deficit gdp result gener govern surplu gdp inform late reflect commiss apprais