council regul ec june amend regul ec strengthen surveil budgetari posit surveil coordin econom polici council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european central bank act accord procedur laid articl treati stabil growth pact initi consist council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici council regul ec juli speed clarifi implement excess deficit procedur resolut european council june stabil growth pact stabil growth pact proven us anchor fiscal disciplin contribut high degre macroeconom stabil low inflat low interest rate induc sustain growth employ creation march council adopt report entitl quot improv implement stabil growth pact quot aim enhanc govern nation ownership fiscal framework strengthen econom underpin effect pact prevent correct arm safeguard sustain public financ long run promot growth avoid impos excess burden futur gener report endors european council conclus march state report updat complement stabil growth pact integr part march ecofin report endors spring european council member state council commiss reaffirm commit implement treati stabil growth pact effect time manner peer support peer pressur act close construct cooper process econom fiscal surveil order guarante certainti effect rule pact regul ec amend order full applic agre improv implement stabil growth pact stabil growth pact lai oblig member state adher medium term object budgetari posit quot close balanc surplu quot ctboi light econom budgetari heterogen union medium term budgetari object differenti individu member state account divers econom budgetari posit develop fiscal risk sustain public financ face prospect demograph medium term budgetari object diverg ctboi individu member state euro area erm member state defin rang countri specif medium term budgetari object cyclic adjust term net temporari measur symmetr approach fiscal polici cycl enhanc budgetari disciplin econom good time achiev object avoid pro cyclic polici gradual reach medium term budgetari object adher medium term budgetari object member state deal normal cyclic fluctuat keep govern deficit gdp refer ensur rapid progress fiscal sustain take account room budgetari manoeuvr public invest member state reach medium term budgetari object step achiev cycl order reach medium term budgetari object member state euro zone erm pursu minimum annual adjust cyclic adjust term net off temporari measur order enhanc growth orient natur pact major structur reform direct long term cost save effect includ rais potenti growth verifi impact long term sustain public financ account defin adjust path medium term budgetari object countri reach object allow temporari deviat object countri reach order hamper structur reform unequivoc improv long term sustain public financ special attent paid pension reform introduc multi pillar system includ mandatori fulli fund pillar reform entail short term deterior public financ implement period deadlin set examin stabil converg programm council extend order assess stabil converg programm adopt regul articl regul ec amend head articl insert quot section medium term budgetari object articl member state differenti medium term object budgetari posit countri specif medium term budgetari object diverg requir close balanc surplu posit provid safeti margin respect gdp govern deficit ratio ensur rapid progress sustain take account room budgetari manoeuvr public invest take factor account member state adopt euro erm member state countri specif medium term budgetari object defin rang gdp balanc surplu cyclic adjust term net temporari measur member state medium term budgetari object revis major structur reform implement case year quot articl amend point replac quot medium term budgetari object adjust path object gener govern surplu deficit expect path gener govern debt ratio quot point replac quot detail quantit assess budgetari econom polici measur propos achiev object programm compris detail cost benefit analysi major structur reform direct long term cost save effect includ rais potenti growth quot point ad quot applic reason deviat requir adjust path medium term budgetari object quot articl amend subparagraph paragraph replac subparagraph quot base assess commiss committe set articl treati council framework multilater surveil articl treati examin medium term budgetari object present member state concern assess econom assumpt programm base plausibl adjust path medium term budgetari object measur propos respect adjust path suffici achiev medium term object cycl council assess adjust path medium term budgetari object examin member state concern pursu annual improv cyclic adjust balanc net temporari measur requir meet medium term budgetari object gdp benchmark council account higher adjust effort made econom good time effort limit econom bad time defin adjust path medium term budgetari object member state reach object allow temporari deviat object member state reach condit safeti margin respect deficit refer preserv budgetari posit expect return medium term budgetari object programm period council account implement major structur reform direct long term cost save effect includ rais potenti growth verifi impact long term sustain public financ special attent paid pension reform introduc multi pillar system includ mandatori fulli fund pillar member state implement reform allow deviat adjust path medium term budgetari object object deviat reflect net cost reform publicli manag pillar condit deviat remain temporari safeti margin respect deficit refer preserv quot paragraph quot month quot replac quot month quot articl amend point replac quot medium term budgetari object adjust path object gener govern surplu deficit expect path gener govern debt ratio medium term monetari polici object relationship object price exchang rate stabil quot point replac quot detail quantit assess budgetari econom polici measur propos achiev object programm compris detail cost benefit analysi major structur reform direct long term cost save effect includ rais potenti growth quot point ad quot applic reason deviat requir adjust path medium term budgetari object quot articl amend subparagraph paragraph replac subparagraph quot base assess commiss committe set articl treati council framework multilater surveil articl treati examin medium term budgetari object present member state concern assess econom assumpt programm base plausibl adjust path medium term budgetari object measur propos respect adjust path suffici achiev medium term object cycl council assess adjust path medium term budgetari object account higher adjust effort made econom good time effort limit econom bad time erm member state council examin member state concern pursu annual improv cyclic adjust balanc net temporari measur requir meet medium term budgetari object gdp benchmark defin adjust path medium term budgetari object member state reach object allow temporari deviat object member state reach condit safeti margin respect deficit refer preserv budgetari posit expect return medium term budgetari object programm period council account implement major structur reform direct long term cost save effect includ rais potenti growth verifi impact long term sustain public financ special attent paid pension reform introduc multi pillar system includ mandatori fulli fund pillar member state implement reform allow deviat adjust path medium term budgetari object object deviat reflect net cost reform publicli manag pillar condit deviat remain temporari safeti margin respect deficit refer preserv quot paragraph quot month quot replac quot month quot refer articl treati replac regul refer articl articl regul enter forc dai public offici journal european union regul bind entireti directli applic member state luxembourg june council presid juncker oj opinion european parliament june publish offici journal council common posit june publish offici journal decis european parliament june publish offici journal oj oj oj annex conclus european council march