council opinion march updat stabil programm franc 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 franc cover period french gdp growth year close euro area averag half percentag point higher sustain buoyant domest demand good perform period employ rate increas slightli unemploy rate remain high recent diminish march januari record deficit level gdp budgetari situat improv gdp treati refer respect onward refer breach onward budgetari situat deterior partli due slowdown growth deficit ratio declin june council decid franc excess deficit 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 opinion februari decemb updat stabil programm cover period council invit franc ensur correct excess deficit continu budgetari consolid implement structur reform control expenditur order secur respect multi annual expenditur target budgetari implement gener govern deficit estim gdp commiss servic autumn forecast target gdp set previou updat gdp updat favour macroeconom condit compar previou programm recent partial inform suggest deficit reduc gdp notabl control public expenditur strong perform fiscal receipt tax base asset price addit revenu end decemb link chang corpor tax legisl note deficit reduct includ substanti off programm broadli model structur data provis requir stabil converg programm code conduct updat submit week decemb deadlin set code conduct reflect author incorpor quot pébereau report quot propos debt reduct intensifi debt reduct strategi programm scenario macroeconom budgetari project quot low growth quot scenario quot high growth quot scenario quot low growth quot scenario consid refer scenario assess budgetari project consid inform appear base plausibl growth assumpt envisag real gdp growth pick averag rest programm period programm project inflat realist updat aim bring public account back balanc reduc public debt gdp ratio refer confirm deficit brought back refer onward programm period reduct percentag point gdp gener govern deficit gdp foreseen primari surplu restor onward previou updat plan consolid expenditur driven medium term strategi base multi annual target increas govern expenditur real term impli reduct expenditur gdp ratio compar previou programm plan deficit reduct postpon updat partli reflect favour macroeconom scenario frontload tax reduct measur deficit reduc effect lesser extent programm period structur balanc cyclic adjust balanc net temporari measur calcul commonli agre methodolog plan improv averag gdp year author set medium term object mto budgetari posit structur balanc 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 adequ reflect debt ratio averag potenti output growth long term budgetari outcom wors project programm downsid risk stem macroeconom scenario fact revenu lower expenditur area local administr healthcar higher rest period ambiti target set updat enhanc expenditur growth rule level gener govern improv oversight public financ rais account public stakehold spend control strong grip state expenditur recent enhanc enforc mechan health expenditur creation perman committe gather stakehold public financ respons draft propos public expenditur control debt reduct expenditur control strictli implement track record relat achiev budget balanc object target impli drastic expenditur restraint compar previou target requir larg structur reform detail local author risk mention materialis perman sustain reduct deficit gdp requir addit measur plan structur adjust slightli gdp structur term pace adjust mto impli programm line stabil growth pact specifi euro area erm ii member state annual improv structur balanc gdp benchmark risk materialis reach mto ensur budgetari stanc programm provid suffici safeti margin breach gdp deficit threshold normal macroeconom fluctuat end programm period debt ratio estim reach gdp gdp treati refer programm project debt ratio declin percentag point programm period evolut debt ratio favour project programm notabl risk budgetari target mention view risk assess debt ratio suffici diminish refer govern recent announc extra tax receipt relat growth devot deficit reduct regard sustain public financ franc appear medium risk ground project budgetari cost ag popul recent reform notabl pension reform substanti help futur rise public expenditur full implement crucial ensur expect result current level govern gross debt treati gdp high structur deficit unchang prevent reduct debt view futur cost ag absenc addit reform strong budgetari consolid need order reduc risk long term sustain envisag measur area public financ broadli consist broad econom polici guidelin includ integr guidelin period franc plan implement number structur reform order secur deceler govern expenditur improv sustain govern financ medium long run correct excess deficit requir addit measur franc nation reform programm nrp submit novemb context renew lisbon strategi growth job identifi main prioriti creat condit strong econom growth includ sustain public financ reduc unemploy increas employ build knowledg base economi similarli improv potenti output notabl call emerg plan employ labour market reform pillar french budgetari strategi mention updat measur area public financ envisag stabil programm broadli line action foreseen nation reform programm stabil programm complement measur institut featur public financ definit enhanc expenditur growth rule level sector gener govern set basi coordin stakehold budgetari implic action outlin nrp suffici detail budgetari project stabil programm view assess council welcom prioriti debt reduct french stabil programm note risk link achiev budgetari target long term sustain public financ light commiss commun decemb endors council januari council invit franc ensur structur adjust bring gener govern deficit gdp credibl sustain manner measur ensur plan fiscal consolid medium term object improv long term sustain strengthen monitor enforc expenditur rule defin sector gener govern ensur respect ambiti multi annual expenditur ceil comparison kei macroeconom budgetari project note sourc stabil programm sp commiss servic autumn econom forecast commiss servic calcul real gdp chang sp jan nov sp dec hicp inflat sp jan nov sp dec output gap potenti gdp sp jan nov sp dec gener govern balanc gdp sp jan nov sp dec primari balanc gdp sp jan nov sp dec cyclic adjust balanc gdp sp jan nov sp dec structur balanc gdp sp jan nov sp dec govern gross debt gdp sp jan 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 programm gap compulsori data option data prescrib code conduct miss miss compulsori data concern short long term interest rate assumpt miss option data concern gener govern expenditur function data long term sustain public financ labour market develop report independ committe appoint french govern analys public debt determin debt reduct possibl publish mid decemb calcul point estim commiss servic calcul basi inform programm cyclic adjust balanc previou row exclud temporari measur temporari measur calcul commiss servic gdp appar smaller differ structur cyclic adjust due round effect gdp deficit reduc temporari measur commiss servic autumn forecast gdp deficit reduc base estim potenti growth period cpi chang hicp estim growth commiss servic interim forecast februari project growth