council decis juli exist excess deficit itali ec council european union regard treati establish european commun articl thereof regard recommend commiss regard observ made itali articl treati member state avoid excess govern deficit stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation excess deficit procedur articl decis exist excess deficit protocol excess deficit procedur annex treati set provis relat implement excess deficit procedur council regul ec lai detail rule definit applic provis protocol articl treati requir commiss address opinion council commiss consid excess deficit member state exist occur commiss address opinion itali council june account report accord articl treati regard opinion econom financi committe accord articl treati commiss conclud exist excess deficit itali deliv assess commiss account ecofin report european council quot improv implement stabil growth pact quot endors march articl treati lai council observ member state concern make decid assess excess deficit exist case itali assess lead conclus figur report deficit ratio close gdp refer breach gdp treati refer result unusu event control italian author result sever econom downturn sens stabil growth pact rate econom growth year posit low output gap estim turn potenti gdp potenti gdp situat slow growth qualifi except sens treati stabil growth pact excess refer consid temporari deficit exceed remain close refer project commiss exce larg margin standard polici chang assumpt treati requir deficit criterion fulfil addit debt gdp ratio gdp refer treati declin satisfactori pace recent year pace debt reduct affect debt increas line oper present level primari surplu gdp ensur satisfactorili declin path debt ratio treati requir debt criterion fulfil relev factor includ commiss report accord articl treati addit put forward italian author letter date june analys council ecofin report european council quot improv implement stabil growth pact quot take account relev factor council decis exist excess deficit accord articl treati quot fulli condit overarch principl relev factor account excess refer temporari deficit remain close refer quot case itali condit met purpos council decis accord articl treati relev factor account case itali adopt decis articl assess excess deficit exist itali articl decis address italian republ brussel juli council presid straw oj regul amend commiss regul ec oj