council decis septemb exist excess deficit portug ec council european union regard treati establish european commun articl thereof regard recommend commiss regard observ made portug 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 novemb 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 portug council juli account report accord articl treati regard opinion econom financi committe accord articl treati commiss conclud exist excess deficit portug 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 portug assess lead conclus june updat portugues stabil programm plan gener govern deficit gdp deficit excess gdp refer close excess deficit refer result unusu event control portugues author result sever econom downturn rate gdp growth declin sharpli economi return posit econom growth commiss servic spring forecast june updat stabil programm expect remain gradual moder upward trend year neg output gap sizeabl expect narrow significantli come year deterior govern balanc proport recent widen output gap excess refer consid result sever econom downturn commiss servic spring forecast govern deficit ratio project exce treati refer larg margin recoveri economi expect gradual hold fact june updat portugues stabil programm forese govern deficit narrow come year exce refer excess refer consid temporari sens treati stabil growth pact treati requir deficit criterion fulfil debt gdp ratio breach gdp refer treati reach increas percentag point gdp increas debt ratio explain low primari surplu exist sizeabl debt increas stock flow adjust low nomin gdp growth project debt figur year contain june stabil programm updat broadli line debt project commiss servic spring forecast suggest sharp increas debt ratio peak conflict treati requir event excess gdp refer quot debt ratio suffici diminish approach refer satisfactori pace quot treati requir debt criterion fulfil 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 portug condit met purpos council decis accord articl treati relev factor account case portug adopt decis articl assess excess deficit exist portug articl decis address portugues republ brussel septemb council presid beckett oj regul amend commiss regul ec oj