council regul ec june amend regul ec speed clarifi implement excess deficit procedur council european union regard treati establish european commun subparagraph articl thereof regard propos commiss regard opinion european central bank regard opinion european parliament 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 guid principl applic excess deficit procedur prompt correct excess deficit procedur remain simpl transpar equit concept except excess refer result sever econom downturn revis due account econom heterogen european union commiss prepar report basi articl treati report examin except provid articl appli commiss report articl appropri reflect develop medium term econom posit medium term budgetari posit due consider factor opinion member state concern relev order comprehens assess qualit term excess refer care consider budgetari assess framework excess deficit procedur excess close refer reflect implement pension reform introduc multi pillar system includ mandatori fulli fund pillar implement reform lead short term deterior budgetari posit long term sustain public financ improv assess articl treati excess deficit correct commiss council assess develop edp deficit figur net cost reform publicli manag pillar procedur deadlin council decis excess deficit procedur extend order member state concern frame action nation budgetari procedur develop coher packag measur deadlin council decid exist excess deficit accord articl treati set rule month report date establish articl council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun address case budgetari statist data valid commiss eurostat shortli report date establish regul ec order ensur prompt correct excess deficit member state situat excess deficit effect action achiev annual minimum fiscal improv cyclic adjust balanc net temporari measur benchmark countri excess deficit requir achiev annual minimum fiscal effort cyclic adjust term net temporari measur maximum time period member state effect action measur extend frame action nation budgetari procedur develop articul packag measur member state concern effect action respons recommend articl treati notic issu articl unexpect advers econom event major neg consequ govern financ prevent correct excess deficit time limit set council council issu revis recommend articl revis notic articl current maximum period month report date establish articl regul ec decis impos sanction inconsist amend deadlin step procedur possibl issu revis recommend articl treati revis notic articl maximum period adjust accord amend provis applic implement excess deficit procedur case unit kingdom set annex regul ec modifi reflect adopt regul articl regul ec amend articl paragraph replac paragraph quot commiss council assess decid exist excess deficit accord articl treati excess refer result sever econom downturn except sens indent articl excess refer result neg annual gdp volum growth rate accumul loss output protract period low annual gdp volum growth rel potenti commiss prepar report articl treati account relev factor articl report appropri reflect develop medium term econom posit potenti growth prevail cyclic condit implement polici context lisbon agenda polici foster research develop innov develop medium term budgetari posit fiscal consolid effort quot good time quot debt sustain public invest qualiti public financ commiss give due consider factor opinion member state concern relev order comprehens assess qualit term excess refer member state put forward commiss council context special consider budgetari effort increas maintain high level financi contribut foster intern solidar achiev european polici goal notabl unif europ detriment effect growth fiscal burden member state balanc assess encompass factor doubl condit overarch principl relev factor mention paragraph account gener govern deficit remain close refer excess refer temporari fulli met factor account step lead decis exist excess deficit foreseen paragraph articl treati balanc assess made council encompass factor commiss council budgetari assess framework excess deficit procedur give due consider implement pension reform introduc multi pillar system includ mandatori fulli fund pillar council decid basi articl treati excess deficit exist member state commiss council account relev factor mention paragraph subsequ procedur step articl includ articl regul relev factor account decis council articl treati abrog decis paragraph articl case member state deficit exce refer remain close excess reflect implement pension reform introduc multi pillar system includ mandatori fulli fund pillar commiss council cost reform publicli manag pillar assess develop edp deficit figur purpos consider net cost reform linear degress basi transitori period year net cost account decis council articl treati abrog decis paragraph articl deficit declin substanti continu reach level close refer quot articl amend paragraph replac quot council decid exist excess deficit accord articl treati rule month report date establish articl regul ec decid excess deficit exist council time make recommend member state concern accord articl treati quot paragraph replac paragraph quot council recommend made accord articl treati establish deadlin month effect action member state concern council recommend establish deadlin correct excess deficit complet year identif special circumst recommend council request member state achiev minimum annual improv gdp benchmark cyclic adjust balanc net temporari measur order ensur correct excess deficit deadlin set recommend effect action complianc recommend articl unexpect advers econom event major unfavour consequ govern financ occur adopt recommend council decid recommend commiss adopt revis recommend articl revis recommend take account relev factor mention articl regul notabl extend deadlin correct excess deficit year council assess exist unexpect advers econom event major unfavour consequ govern financ econom forecast recommend quot articl replac quot articl council decis give notic particip member state concern measur deficit reduct accord articl treati month council decis establish effect action accord articl notic council request member state achiev minimum annual improv gdp benchmark cyclic adjust balanc net temporari measur order ensur correct excess deficit deadlin set notic effect action complianc notic articl treati unexpect advers econom event major unfavour consequ govern financ occur adopt notic council decid recommend commiss adopt revis notic articl treati revis notic take account relev factor mention articl regul notabl extend deadlin correct excess deficit year council assess exist unexpect advers econom event major unfavour consequ govern financ econom forecast notic quot articl sentenc word quot month quot replac word quot month quot articl replac quot articl particip member state fail act complianc success decis council accord articl treati decis council impos sanction accord articl rule sixteen month report date establish articl regul ec case articl regul appli sixteen month deadlin amend expedit procedur case deliber plan deficit council decid excess quot articl amend paragraph replac quot period procedur held abey includ period refer articl period refer articl regul quot paragraph ad quot expiri period refer sentenc articl expiri period refer sentenc articl regul commiss inform council consid measur suffici ensur adequ progress correct excess deficit time limit set council provid fulli implement econom develop line forecast commiss statement made public quot refer articl treati replac regul refer articl refer articl treati european union replac refer articl annex regul ec replac annex regul articl regul enter forc dai public offici journal european union regul bind entireti directli applic member state luxembourg june council presid juncker oj opinion june publish offici journal oj oj oj annex conclus european council march oj regul amend regul ec oj annex