Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-10-Speech-2-435"
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"en.20090310.35.2-435"2
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"− Under normal circumstances, the Stability and Growth Pact presumes there will be rapid correction of the excessive deficit and this correction should be carried out the year after such an excessive deficit has been identified. However, the reformed Stability and Growth Pact also allows for longer deadlines in the case of special circumstances – in accordance with Article 34 of Council Regulation (EC) No 1467/97.
The Pact does not provide an explicit definition of these special circumstances. However, when preparing a report under Article 143 of the Treaty triggered by the existence or the planned excessive deficit, the Commission is required by the Treaty to take into account what are known as ‘relevant factors’. In this report, the Commission shall reflect developments in the medium-term economic position, in particular, potential growth, prevailing cyclical conditions, the implementation of policies in the context of the Lisbon Agenda and policies to foster research and development and innovation. It shall also reflect developments in the medium-term budgetary position, in particular, fiscal consolidation efforts in good times, the level of public debt and sustainability issues, external financing needs, public investment, and the overall quality of public finances. It shall also take into consideration any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has, of course, put forward to the Commission and to the Council.
The provisions of the relevant factors to be considered indicate that determining the incidence of special circumstances should be based on an overall assessment of such factors. On 18 February, the Commission adopted its recommendations for Council opinions on the latest updates of the stability and convergence programmes for 17 Member States. At the same time, and taking into account its assessment of these programmes, the Commission adopted reports for Ireland, Greece, Spain, France, Latvia and Malta. The Ecofin adopted its opinion on these reports this morning. The Commission will propose recommendations to the Council to put an end to situations where an excessive deficit exists. These recommendations will include deadlines which will have been decided according to the Stability and Growth Pact, i.e. taking into consideration the existence of special circumstances, where appropriate."@en1
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