council opinion march updat converg programm latvia 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 converg programm latvia cover period programm broadli compli data requir revis quot code conduct content format stabil converg programm quot esa classif data composit gener govern revenu expenditur improv latvia invit achiev complianc requir code conduct macroeconom scenario underli programm envisag real gdp growth estim remain strong rest programm period averag year basi inform scenario reflect plausibl growth assumpt programm project inflat slightli low side programm updat aim keep deficit gdp refer programm year gener govern budget deficit gradual fall estim gdp gdp revenu expenditur ratio increas sharpli link eu access medium term adjust public financ base reduct revenu expenditur ratio primari expenditur ratio fall lower ratio transfer subsidi time allow increas invest ratio revenu ratio fall tax reduct incom lower tax burden moder risk budgetari project programm broadli balanc hand assumpt tax intens econom activ pessimist suggest revenu expect hand commit expenditur predic eu fund achiev deficit target condit receipt fund govern revenu tight expenditur disciplin includ manag partli eu fund project difficult weak administr capac view risk assess budgetari stanc programm insuffici achiev close balanc surplu medium term object stabil growth pact programm period provid insuffici margin breach gdp deficit threshold normal macroeconom fluctuat suffici maintain debt gdp ratio low level debt ratio estim gdp gdp treati refer slight increas debt ratio programm period gdp result persist deficit substanti offset nomin gdp growth budgetari strategi outlin programm put latvia favour posit regard long term sustain public financ project budgetari cost ag popul low debt ratio pension reform measur enact includ introduct fund pillar accumul asset fund pension scheme contribut limit budgetari impact ag strategi outlin programm base contain budgetari deficit medium term budgetari impact pension reform reform field health long term care involv higher expenditur risk sustain emerg long run latvia low tax ratio eas accommod sustain gap aris econom polici outlin programm broadli consist countri specif broad econom polici guidelin bepg area public financ challeng address sizabl current account deficit latvia recommend reduc gener govern deficit credibl sustain multi annual framework light narrow current account deficit foreseen programm lower project budget deficit consolid path foreseen updat line recommend bepg assess condit favour develop extern balanc subject monitor point council opinion programm assess fiscal posit depend demand pressur economi difficult determin countri posit busi cycl assess condit macroeconom polici consolid moder inflat recent peak comparison kei macroeconom budgetari project converg programm cp commiss servic autumn econom forecast commiss servic calcul real gdp chang cp dec oct cp cpi inflat cp dec oct cp gener govern balanc gdp cp dec oct cp primari balanc gdp cp dec oct cp govern gross debt gdp cp dec oct cp oj document refer text found websitehttp europa eu int comm economi financ activ sgp main en htm