council opinion march updat stabil programm germani 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 germani gdp growth ten year trail euro area averag half percentag point growth potenti steadili declin period activ driven buoyant export held back sluggish domest demand extend stagnat earli part decad demand real gdp peak shortli weaken employ creation subdu unemploy rate rose labour forc gener govern deficit breach gdp treati refer fourth consecut year public debt close gdp exceed gdp treati refer januari council decid excess deficit exist germani recommend base articl excess deficit correct commun council decemb quot situat germani franc relat oblig excess deficit procedur judgement court justic quot commiss conclud consid relev deadlin correct januari council concur view march council decid give notic germani accord articl measur remedi situat excess deficit opinion februari decemb updat stabil programm cover period council invit germani ensur correct excess deficit implement budgetari adjust year make effort structur term achiev budgetari posit close balanc end period cover programm continu structur reform order improv long term sustain public financ health care system data provid eurostat gener govern deficit germani amount gdp data pend assess qualiti base provision notif germani pursuant council regul ec germani submit commiss februari previou updat stabil programm set target gdp german stabil programm updat submit februari programm cover period programm broadli model structur stabil converg programm code conduct macroeconom scenario underli programm envisag real gdp growth pick domest demand gain momentum slowdown growth set resum yield averag growth rate period growth profil influenc polici set agre coalit govern refer scenario consid inform appear plausibl slightli favour outer year programm programm project inflat realist main goal medium term budgetari strategi programm ensur long term sustain public financ achiev programm propos continu budgetari consolid improv condit growth employ programm envisag correct excess deficit specif project updat nomin deficit gdp deficit project declin percentag point gdp year reach level gdp budgetari adjust revenu expenditur base programm identifi restraint social expenditur crucial element consolid strategi revenu side increas tax share broadli offset decreas share social contribut share public invest gdp project remain constant compar previou updat adjust path remain broadli deficit ratio plan higher year round percentag point foreseen previou updat correct excess deficit entail programm improv structur balanc cyclic adjust balanc net temporari measur percentag point cumul concentr programm period structur balanc calcul commonli agre methodolog plan improv averag gdp year slightli programm set medium term object mto budgetari posit balanc structur term aim achiev programm period demand minimum benchmark estim deficit gdp achiev fulfil aim provid safeti margin occurr excess deficit programm mto li rang euro area erm ii member state stabil growth pact code conduct slightli demand impli debt ratio averag potenti output growth long term risk budgetari outcom consid balanc budgetari outcom wors project programm restraint social spend laid full detail programm suppos provid kei contribut budgetari adjust hing rigor implement plan social expenditur main driver overshoot budgetari target compar previou programm budgetari target jeopardis plan exoner social contribut fulli carri achiev expenditur target shortfal growth impli shortfal revenu prove difficult compens reduct expenditur order maintain plan path deficit ratio programm announc reform corpor tax system health long term care insur fulli financ envisag programm entail neg impact deficit short term view risk assess budgetari stanc programm consist correct excess deficit provid suffici safeti margin breach gdp deficit threshold normal macroeconom fluctuat penultim year programm period year correct excess deficit pace adjust programm mto impli programm broadli line stabil growth pact specifi euro area erm ii member state annual improv structur balanc gdp benchmark adjust higher good econom time lower bad econom time debt ratio estim reach gdp gdp refer treati programm project debt ratio increas round gdp declin reach end programm period evolut debt ratio favour project programm risk budgetari target mention view risk assess debt ratio suffici diminish refer regard sustain public financ germani appear medium risk ground project budgetari cost ag popul structur reform carri previou year pension reform help futur rise public expenditur view current level govern gross debt exceed treati refer gdp high structur deficit implement rigor strong budgetari consolid programm period reduc risk long term sustain envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period germani plan implement number structur reform order improv sustain govern financ medium long run expenditur restraint social secur system implement plan composit public expenditur favour growth enhanc categori line lisbon strategi germani nation reform programm nrp submit decemb context renew lisbon strategi growth job identifi kei challeng knowledg societi market function competit busi environ sustain public financ includ sustain growth social secur ecolog innov orient labour market measur area public financ envisag stabil programm line action foreseen nation reform programm budgetari implic action outlin nrp broadli reflect budgetari project stabil programm addit content nrp stabil programm envisag part reform feder system potenti sanction aris stabil growth pact alloc rule level govern insert german constitut view assess council welcom prioriti attribut govern budgetari consolid laid programm note risk link achiev budgetari target long term sustain public financ light council decis march accord articl treati council invit germani ensur plan cumul structur adjust percentag point year bring gener govern deficit gdp latest credibl sustain manner rapidli achiev medium term budgetari object reduct structur balanc percentag point year excess deficit correct notabl implement plan expenditur restraint rigor provid plan relief social contribut ensur announc reform corpor taxat jeopardis fiscal consolid implement plan reform feder system order improv budgetari framework contribut ensur budgetari target achiev level govern comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic autumn econom forecast basi unchang polici govern offic novemb commiss servic calcul real gdp chang sp feb nov sp dec hicp inflat sp feb nov sp dec output gap potenti gdp sp feb nov sp dec gener govern balanc gdp sp feb nov sp dec primari balanc gdp sp feb nov sp dec cyclic adjust balanc gdp sp feb nov sp dec structur balanc gdp sp feb nov sp dec govern gross debt gdp sp feb 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 previou year updat round data period averag outer year programm period gap compulsori data provid option data prescrib code conduct data unemploy sector balanc breakdown tax revenu miss 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 cyclic adjust balanc previou row exclud temporari measur temporari measur programm gdp temporari measur commiss servic autumn forecast base estim potenti growth period estim growth commiss servic interim forecast februari project growth ratio calcul gdp seri method account fisim financi servic indirectli measur data directli compar