council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici council european union regard treati establish european commun articl thereof regard propos commiss act accord procedur refer articl treati stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation stabil growth pact consist regul aim strengthen surveil budgetari posit surveil coordin econom polici council regul ec aim speed clarifi implement excess deficit procedur resolut european council june stabil growth pact accord articl treati european union firm polit guidelin issu order implement stabil growth pact strict time manner adher medium term object budgetari posit close balanc surplu member state commit correct budgetari action deem meet object stabil converg programm inform indic actual expect signific diverg medium term budgetari object stage econom monetari union emu member state articl treati clear treati oblig avoid excess gener govern deficit articl protocol provis relat unit kingdom great britain northern ireland treati articl appli unit kingdom move stage oblig articl endeavour avoid excess deficit continu appli unit kingdom adher medium term object budgetari posit close balanc surplu member state deal normal cyclic fluctuat keep govern deficit gdp refer complement multilater surveil procedur articl earli warn system council alert member state earli stage budgetari correct action order prevent govern deficit excess multilater surveil procedur articl continu monitor full rang econom develop member state commun consist econom polici broad econom guidelin refer articl monitor develop present inform form stabil converg programm build experi gain stage econom monetari union converg programm member state adopt singl currenc refer particip member state accord articl achiev high degre sustain converg sustain govern financi posit mainten sound budgetari posit member state support price stabil strengthen condit sustain growth output employ particip member state submit medium term programm refer stabil programm defin princip content programm member state adopt singl currenc refer particip member state pursu polici aim high degre sustain converg member state submit medium term programm refer converg programm defin princip content converg programm resolut june establish exchang rate mechan stage econom monetari union european council issu firm polit guidelin accord exchang rate mechan establish stage emu refer erm currenc particip member state join erm central rate vi vi euro provid refer point judg adequaci polici erm protect member state adopt euro unwarr pressur foreign exchang market enabl surveil council particip member state join erm present polici converg programm orient stabil avoid real exchang rate misalign excess nomin exchang rate fluctuat last converg econom fundament prerequisit sustain exchang rate stabil lai timet submiss stabil programm converg programm updat interest transpar inform public debat member state make public stabil programm converg programm council examin monitor stabil programm converg programm medium term budgetari object target adjust path object account relev cyclic structur characterist economi member state context attent signific diverg budgetari posit budgetari object close balanc surplu council give earli warn order prevent govern deficit member state excess event persist budgetari slippag council reinforc recommend make public particip member state council make recommend action give effect converg programm converg stabil programm lead fulfil condit econom converg refer articl adopt regul section purpos definit articl regul set rule cover content submiss examin monitor stabil programm converg programm part multilater surveil council prevent earli stage occurr excess gener govern deficit promot surveil coordin econom polici articl purpos regul particip member state member state adopt singl currenc accord treati particip member state adopt singl currenc section stabil programm articl particip member state submit council commiss inform purpos multilater surveil regular interv articl treati form stabil programm essenti basi price stabil strong sustain growth conduc employ creation stabil programm present inform medium term object budgetari posit close balanc surplu adjust path object gener govern surplu deficit expect path gener govern debt ratio main assumpt expect econom develop import econom variabl relev realiz stabil programm govern invest expenditur real gross domest product gdp growth employ inflat descript budgetari econom polici measur propos achiev object programm case main budgetari measur assess quantit effect budget analysi main econom assumpt affect budgetari debt posit inform path gener govern surplu deficit ratio debt ratio main econom assumpt refer paragraph annual basi cover current preced year year articl stabil programm submit march updat programm submit annual member state adopt singl currenc stage submit stabil programm month council decis particip singl currenc member state make public stabil programm updat programm articl base assess commiss committe set articl treati council framework multilater surveil articl examin medium term budget object stabil programm safeti margin ensur avoid excess deficit econom assumpt programm base realist measur propos suffici achiev target adjust path medium term budgetari object council examin content stabil programm facilit closer coordin econom polici econom polici member state concern consist broad econom polici guidelin council carri examin stabil programm refer paragraph month submiss programm council recommend commiss consult committe set articl deliv opinion programm council accord articl consid object content programm strengthen council opinion invit member state concern adjust programm updat stabil programm examin committe set articl basi assess commiss updat programm examin council accord procedur set paragraph articl articl part multilater surveil accord articl council monitor implement stabil programm basi inform provid particip member state assess commiss committe set articl view identifi actual expect signific diverg budgetari posit medium term budgetari object adjust path set programm govern surplu deficit event council identifi signific diverg budgetari posit medium term budgetari object adjust path view give earli warn order prevent occurr excess deficit address accord articl recommend member state concern adjust measur event council subsequ monitor judg diverg budgetari posit medium term budgetari object adjust path persist worsen council accord articl make recommend member state concern prompt correct measur articl make recommend public section converg programm articl particip member state submit council commiss inform purpos multilater surveil regular interv articl form converg programm essenti basi price stabil strong sustain growth conduc employ creation converg programm present inform variabl relat converg medium term object budgetari posit close balanc surplu adjust path object gener govern surplu deficit expect path gener govern debt ratio medium term monetari polici object relationship object price exchang rate stabil main assumpt expect econom develop import econom variabl relev realiz converg programm govern invest expenditur real gdp growth employ inflat descript budgetari econom polici measur propos achiev object programm case main budgetari measur assess quantit effect budget analysi main econom assumpt affect budgetari debt posit inform path gener govern surplu deficit ratio debt ratio main econom assumpt refer paragraph annual basi cover current preced year year articl converg programm submit march updat programm submit annual member state make public converg programm updat programm articl base assess commiss committe set articl treati council framework multilater surveil articl examin medium term budget object converg programm safeti margin ensur avoid excess deficit econom assumpt programm base realist measur propos suffici achiev target adjust path medium term object achiev sustain converg council examin content converg programm facilit closer coordin econom polici econom polici member state concern consist broad econom polici guidelin council carri examin converg programm refer paragraph month submiss programm council recommend commiss consult committe set articl deliv opinion programm council accord articl consid object content programm strengthen council opinion invit member state concern adjust programm updat converg programm examin committe set articl basi assess commiss updat programm examin council accord procedur set paragraph articl articl part multilater surveil accord articl council monitor implement converg programm basi inform provid particip member state accord articl regul assess commiss committe set articl treati view identifi actual expect signific diverg budgetari posit medium term budgetari object adjust path set programm govern surplu deficit addit council monitor econom polici particip member state light converg programm object view ensur polici gear stabil avoid real exchang rate misalign excess nomin exchang rate fluctuat event council identifi signific diverg budgetari posit medium term budgetari object adjust path view earli warn order prevent occurr excess deficit address accord articl recommend member state concern adjust measur event council subsequ monitor judg diverg budgetari posit medium term budgetari object adjust path persist worsen council accord articl make recommend member state concern prompt correct measur provid articl make recommend public section common provis articl part multilater surveil regul council carri assess articl articl accord subparagraph articl presid council commiss includ report european parliament result multilater surveil carri regul articl regul enter forc juli regul bind entireti directli applic member state brussel juli council presid juncker oj opinion european parliament novemb oj council common posit april oj decis european parliament oj offici journal oj