council regul ec juli speed clarifi implement excess deficit procedur council european union regard treati establish european commun subparagraph articl thereof regard propos commiss regard opinion european parliament regard opinion european monetari institut speed clarifi excess deficit procedur set articl treati order deter excess gener govern deficit occur prompt correct provis regul effect adopt articl subparagraph constitut protocol treati integr set rule applic articl stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation stabil growth pact consist regul council regul ec aim strengthen surveil budgetari posit surveil coordin econom polici 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 govern deficit articl protocol treati paragraph articl appli unit kingdom move stage oblig articl endeavour avoid excess deficit continu appli unit kingdom denmark refer paragraph protocol treati notifi context edinburgh decis decemb particip stage accord paragraph protocol paragraph articl appli denmark stage emu member state remain respons nation budgetari polici subject provis treati member state measur order meet respons accord provis treati adher medium term object budgetari posit close balanc surplu member state commit contribut creation condit price stabil sustain growth conduc employ creation member state deal normal cyclic fluctuat keep govern deficit gdp refer emu function properli converg econom budgetari perform member state adopt singl currenc refer particip member state prove stabl durabl budgetari disciplin stage emu safeguard price stabil articl articl appli particip member state defin concept except temporari excess refer refer articl council context inter alia account pluriannu budgetari forecast provid commiss commiss report accord articl account govern deficit exce govern invest expenditur account relev factor includ medium term econom budgetari posit member state establish deadlin implement excess deficit procedur order ensur expediti effect implement context account fact budgetari year unit kingdom coincid calendar year sanction provid articl impos order ensur effect implement excess deficit procedur reinforc surveil council regul ec commiss monitor budgetari posit accord paragraph articl facilit effect rapid implement excess deficit procedur light event particip member state fail effect action correct excess deficit maximum period ten month report date figur indic exist excess deficit decis impos sanction feasibl order exert pressur particip member state concern action event procedur start march lead sanction impos calendar year procedur start council recommend correct excess deficit step excess deficit procedur anticip member state concern earli warn serious excess deficit stage call urgent action involv hold excess deficit procedur abey member state concern take action respons recommend articl notic issu articl order provid incent member state act time period procedur held abey includ maximum period ten month report date indic exist excess deficit imposit sanction resum procedur immedi envisag action implement implement action prove inadequ order ensur excess deficit procedur suffici deterr effect interest bear deposit size requir particip member state concern council decid impos sanction definit sanction prescrib scale conduc legal certainti relat amount deposit gdp particip member state concern imposit interest bear deposit induc particip member state concern correct excess deficit due time intensifi sanction transform deposit fine action particip member state concern order correct excess deficit step abrog sanction signific progress correct excess deficit lift sanction accord paragraph articl abrog outstand sanction occur excess deficit total correct council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun detail rule report budgetari data member state articl treati consult role european central bank ecb refer ecb read refer european monetari institut establish ecb adopt regul section definit assess articl regul set provis speed clarifi excess deficit procedur object deter excess gener govern deficit occur prompt correct purpos regul particip member state member state adopt singl currenc accord treati particip member state adopt singl currenc articl excess govern deficit refer consid except temporari accord articl indent result unusu event control member state concern major impact financi posit gener govern result sever econom downturn addit excess refer consid temporari budgetari forecast providedbi commiss deficit fall refer end unusu event sever econom downturn commiss prepar report articl rule excess refer result sever econom downturn except annual fall real gdp council decid articl excess deficit exist assess account observ made member state show annual fall real gdp except light support evid abrupt downturn accumul loss output rel past trend section speed excess deficit procedur articl week adopt commiss report issu accord articl econom financi committe formul opinion accord articl take fulli account opinion refer paragraph commiss consid excess deficit exist address opinion recommend council accord articl council decid exist excess deficit accord articl month report date establish articl regul ec decid accord articl excess deficit exist council time make recommend member state concern accord articl council recommend made accord articl establish deadlin month effect action member state concern council recommend establish deadlin correct excess deficit complet year identif special circumst articl council decis make public recommend establish effect action accord articl immedi expiri deadlin set accord articl regul council effect action respons recommend made accord articl base decis publicli announc decis govern member state concern articl council decis give notic particip member state concern measur deficit reduct accord articl month council decis establish effect action accord articl articl condit appli articl met council impos sanction accord articl decis month council decis give notic particip member state concern measur accord articl articl particip member state fail act complianc success decis council accord articl decis council impos sanction accord paragraph articl ten month report date pursuant regul ec refer articl regul expedit procedur case deliber plan deficit council decid excess articl council decis intensifi sanction accord articl convers deposit fine articl regul month report date pursuant regul ec council decis abrog decis accord articl case month report date pursuant regul ec section abey monitor articl excess deficit procedur held abey member state concern act complianc recommend made accord articl particip member state concern act complianc notic accord articl period procedur held abey includ ten month period refer articl month period refer articl regul articl commiss council monitor implement action member state concern respons recommend made articl particip member state concern respons notic articl action particip member state implement council view prove inadequ council immedi decis articl articl actual data pursuant regul ec excess deficit correct particip member state time limit recommend issu articl notic issu articl council immedi decis articl articl section sanction articl council decid appli sanction particip member state accord articl interest bear deposit rule requir council decid supplement deposit measur provid indent articl articl excess deficit result complianc criterion relat govern deficit ration articl amount deposit compris fix compon equal gdp variabl compon equal tenth differ deficit percentag gdp preced year refer gdp year decis exist excess deficit abrog council assess particip member state concern effect action respons council notic accord articl annual assess council decid accord articl prejudic articl regul intensifi sanction particip member state concern compli council notic addit deposit decid equal tenth differ deficit percentag gdp preced year refer gdp singl deposit refer paragraph exce upper limit gdp articl deposit rule convert council accord articl fine year decis requir particip member state concern make deposit excess deficit view council correct articl accord articl council abrog sanction refer indent articl depend signific progress made particip member state concern correct excess deficit articl accord articl council abrog outstand sanction decis exist excess deficit abrog fine impos accord articl regul reimburs particip member state concern articl deposit refer articl regul lodg commiss interest deposit fine refer articl regul constitut revenu refer articl treati distribut particip member state deficit excess determin accord articl proport share total gnp elig member state section transit final provis articl purpos regul long unit kingdom budgetari year calendar year provis section regul appli unit kingdom accord annex articl regul enter forc januari regul bind entireti directli applic member state brussel juli council presid juncker oj oj offici journal oj oj annex time limit applic unit kingdom order ensur equal treatment member state council take decis section regul regard budgetari year budgetari year unit kingdom view take decis regard unit kingdom point budgetari year similar decis case member state provis column substitut provis column ii gt tabl gt