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PARALLEL TEXTS
La Commissione prende misure nell'ambito della procedura per i disavanzi eccessivi
Inglese tratto da:
http://europa.eu/rapid/press-release_MEMO-13-463_en.htm
Italiano tratto da:
http://europa.eu/rapid/press-release_MEMO-13-463_it.htm
Data documento:29-05-2013
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Commission takes steps under the Excessive Deficit Procedure
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La Commissione prende misure nell'ambito della procedura per i disavanzi eccessivi
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Which decisions has the Commission taken today as regards the Excessive Deficit Procedure?
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Cosa ha deciso oggi la Commissione in merito alla procedura per i disavanzi eccessivi?
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The Commission has today recommended that the Council abrogate the Excessive Deficit Procedure (EDP) for five countries:
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Oggi la Commissione ha raccomandato al Consiglio di abrogare la procedura per i disavanzi eccessivi per cinque paesi:
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Italy, Latvia, Hungary, Lithuania and Romania.
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Italia, Lettonia, Ungheria, Lituania e Romania.
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The Commission has also recommended that the Council open an EDP for Malta.
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La Commissione ha raccomandato anche al Consiglio di avviare una procedura per i disavanzi nei confronti di Malta.
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Moreover, the Commission has adopted Recommendations to the Council with a view to extend the deadlines for correcting the excessive deficit in six countries:
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La Commissione ha inoltre adottato raccomandazioni al Consiglio volte a prorogare i termini per la correzione del disavanzo eccessivo in sei paesi:
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Spain, France, the Netherlands, Poland, Portugal and Slovenia.
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Spagna, Francia, Paesi Bassi, Polonia, Portogallo e Slovenia.
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In addition, the Commission has recommended that the Council decides that no effective action has been taken by Belgium to put an end to the excessive deficit and that the Council gives notice to Belgium to take measures to correct the excessive deficit.
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La Commissione ha raccomandato infine al Consiglio di decidere che il Belgio non ha adottato misure effettive per porre fine al disavanzo eccessivo e di intimare al Belgio di prendere provvedimenti per correggere il disavanzo eccessivo.
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Abrogation/Opening of an Excessive Deficit Procedure
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Abrogazione/Avvio di una procedura per i disavanzi eccessivi
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10 |
How many Member States are currently under an Excessive Deficit Procedure?
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Quanti sono gli Stati membri attualmente soggetti a procedura per i disavanzi eccessivi?
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At the moment there is an Excessive Deficit Procedure (EDP) ongoing for 20 EU Member States.This means all EU Member States except Bulgaria, Germany, Estonia, Luxembourg, Malta, Finland and Sweden are subject to an EDP.
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Attualmente è in corso una procedura per i disavanzi eccessivi nei confronti di 20 Stati membri dell'UE, cioè tutti meno Bulgaria, Germania, Estonia, Lussemburgo, Malta, Finlandia e Svezia.
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Today the Commission has proposed to abrogate the EDP for Italy, Latvia, Hungary, Lithuania and Romania. But the Commission has also proposed to open an EDP for Malta.
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Oggi la Commissione ha proposto di abrogare la procedura per i disavanzi eccessivi per l'Italia, la Lettonia, Ungheria, la Lituania e la Romania, ma al tempo stesso ha proposto di aprire una procedura per i disavanzi eccessivi nei confronti di Malta.
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So if the Council follows the Commission's Recommendations, the overall number of countries in EDP will drop to 16.
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Questo significa che, se il Consiglio segue le raccomandazioni della Commissione, il numero di paesi soggetti a procedura per i disavanzi eccessivi scenderà a 16.
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What is needed for an Excessive Deficit Procedure to be abrogated?
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Quali sono le condizioni per l'abrogazione di una procedura per i disavanzi eccessivi?
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A decision on the abrogation of an Excessive Deficit Procedure (EDP) is based on a "durable correction" of the excessive deficit.
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La decisione di abrogare la procedura per i disavanzi eccessivi è subordinata a una "correzione duratura" del disavanzo.
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This is deemed achieved if:
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Questa condizione è ritenuta soddisfatta se:
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(i) the notified data for the previous year (2012 in these cases) show a deficit below 3% of GDP; and
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i) i dati notificati per l'anno precedente (in questo caso il 2012) indicano un disavanzo inferiore al 3% del PIL e
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(ii) the Commission services' forecast indicates that the deficit will not exceed the 3% of GDP reference value over the forecast horizon (currently 2013 and 2014)
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ii) le previsioni di primavera dei servizi della Commissione indicano che nel periodo oggetto di previsione (attualmente il 2013 e il 2014) il disavanzo non supererà il valore di riferimento del 3% del PIL.
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In cases where the deficit remains close to the reference value and the debt level remains below 60% of GDP, the Commission will also take into account the net cost of the implementation of pension reforms involving the setup of a mandatory, fully funded second pillar.
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Nei casi in cui il disavanzo rimane vicino al valore di riferimento e il livello del debito rimane al di sotto del 60% del PIL, la Commissione tiene conto anche del costo netto dell'attuazione delle riforme delle pensioni che comportino la costituzione di un secondo pilastro obbligatorio finanziato a capitalizzazione.
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In particular, the Commission will take into account if the excess over the 3% threshold is fully explained by the net cost of the implementation of the pension reform.
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La Commissione valuta in particolare se il superamento della soglia del 3% sia totalmente riconducibile al costo netto dell'attuazione della riforma delle pensioni.
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Why does the Commission recommend that the Council abrogate the EDP for Italy, Latvia, Hungary, Lithuania and Romania?
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Perché la Commissione raccomanda che il Consiglio abroghi la procedura per i disavanzi eccessivi per l'Italia, la Lettonia, l'Ungheria, la Lituania e la Romania?
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Italy
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Italia
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23 |
The EDP for Italy was launched in 2009.
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La procedura per i disavanzi eccessivi nei confronti dell'Italia è stata avviata nel 2009.
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After peaking at 5.5% of GDP in 2009, Italy's general government deficit was steadily brought down and reached 3.0% of GDP in 2012, which was the deadline set by the Council.
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Dopo un picco del 5,5% del PIL nel 2009, il disavanzo pubblico dell'Italia è stato progressivamente ridotto fino ad arrivare al 3,0% del PIL nel 2012, cioè entro il termine fissato dal Consiglio.
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The Stability Programme for 2013-17, adopted by the Italian government on 10 April 2013 and endorsed by parliament on 7 May, plans for the deficit to decline slightly to 2.9% of GDP in 2013 and then to fall to 1.8% of GDP in 2014.
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Secondo il programma di stabilità 2013-2017, adottato dal governo italiano il 10 aprile 2013 e approvato dal Parlamento italiano il 7 maggio, nel 2013 il disavanzo registrerà una leggera diminuzione al 2,9% del PIL, per poi scendere all'1,8% del PIL nel 2014.
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Based on the no-policy-change assumption, the Commission services' 2013 Spring Forecast projects a deficit of 2.9% of GDP in 2013 and 2.5% of GDP in 2014, which is below the Treaty reference value of 3% of GDP.
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Nell'ipotesi di politiche invariate, le previsioni di primavera 2013 dei servizi della Commissione indicano un disavanzo del 2,9% del PIL nel 2013 e del 2,5% del PIL nel 2014, ossia inferiore al valore di riferimento indicato nel trattato (3% del PIL).
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Latvia
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Lettonia
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28 |
The EDP for Latvia was launched in 2009.
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La procedura per i disavanzi eccessivi nei confronti della Lettonia è stata avviata nel 2009.
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29 |
Following high general government deficits in 2009 and 2010 (respectively at 9.8% and 8.1% of GDP), which partly reflected measures to stabilise the financial sector, the deficit started rapidly declining in 2011, when it reached 3.6% of GDP. In 2012, the deficit declined further to 1.2% of GDP, thus well below the 3% of GDP Treaty reference value.
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Dopo i livelli elevati registrati nel 2009 e nel 2010 (rispettivamente 9,8% e 8,1% del PIL), che riflettevano in parte le misure adottate per stabilizzare il settore finanziario, il disavanzo pubblico ha iniziato a diminuire rapidamente nel 2011, anno in cui è arrivato al 3,6% del PIL, e nel 2012 è sceso all'1,2% del PIL, ossia ben al di sotto del valore di riferimento indicato nel trattato (3% del PIL).
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The Commission services' 2013 Spring Forecast projects that the general government deficit will remain broadly unchanged in 2013 at 1.2% of GDP and will decrease to 0.9% of GDP in 2014 based on the no-policy-change assumption, thus staying well below the reference value of 3% of GDP.
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Secondo le previsioni di primavera 2013 dei servizi della Commissione, il disavanzo pubblico rimarrà sostanzialmente invariato nel 2013 (1,2% del PIL) e nel 2014 scenderà allo 0,9% del PIL nell'ipotesi di politiche invariate, rimanendo quindi a un livello nettamente inferiore al valore di riferimento del 3% del PIL.
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Lithuania
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Lituania
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The EDP for Lithuania was launched in 2009.
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La procedura per i disavanzi eccessivi nei confronti della Lituania è stata avviata nel 2009.
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Having peaked at 9.4% of GDP in 2009, the general government deficit in Lithuania was brought down to 7.2% of GDP in 2010, then to 5.5% of GDP in 2011 and to 3.2% of GDP in 2012.
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Dopo aver raggiunto un picco del 9,4% del PIL nel 2009, il disavanzo pubblico della Lituania è stato riportato al 7,2% del PIL nel 2010, al 5,5% del PIL nel 2011 e al 3,2% del PIL nel 2012.
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Since the deficit of 3.2% of GDP can be considered to be close to the reference value of 3% of GDP and Lithuania's debt-to-GDP ratio is below the 60% of GDP reference value in a sustained manner, Lithuania is eligible for the Stability and Growth Pact provisions allowing for the direct net cost of a systemic pension reform to be taken into account when assessing the correction of the excessive deficit.
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Poiché un disavanzo del 3,2% del PIL può essere considerato vicino al valore di riferimento del 3% del PIL e il rapporto debito pubblico/PIL della Lituania è costantemente inferiore al valore di riferimento del 60% del PIL, la Lituania può beneficiare delle disposizioni del patto di stabilità e crescita che consentono di tener conto dei costi diretti netti di una riforma pensionistica sistemica nel valutare la correzione del disavanzo eccessivo.
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As the net costs of Lithuania's systemic pension reform were 0.2% of GDP in 2012, they explain the excess over the 3% of GDP Treaty reference value in that year.
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Nel 2012 i costi netti della riforma pensionistica sistemica della Lituania sono stati pari allo 0,2% del PIL, il che spiega perché sia stato superato il valore di riferimento del 3% del PIL.
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The Commission services’ 2013 Spring Forecast projects an improvement of the general government deficit to 2.9% of GDP in 2013 and to 2.4% of GDP in 2014 – based on the no-policy-change assumption.
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Secondo le previsioni di primavera 2013 dei servizi della Commissione, il disavanzo pubblico scenderà al 2,9% del PIL nel 2013 e al 2,4% del PIL nel 2014 (a politiche invariate).
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As such, the deficit is set to remain below the reference value of 3% of GDP over the forecast horizon.
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Questo significa che nel periodo oggetto di previsione il disavanzo rimarrà al di sotto del valore di riferimento del 3% del PIL.
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Hungary
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Ungheria
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The EDP for Hungary was launched in 2004.
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La procedura per i disavanzi eccessivi nei confronti dell'Ungheria è stata avviata nel 2004.
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In 2012, on the basis of a considerable fiscal effort, the general government deficit reached 1.9% of GDP. This was also thanks to one-off revenues amounting to ¾% of GDP.
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Un notevole sforzo di bilancio ha permesso di riportare il disavanzo pubblico all'1,9% del PIL nel 2012, anche grazie a entrate una tantum pari a ¾% del PIL.
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The Hungarian 2013 Convergence Programme projects that the general government deficit will stay at 2.7% of GDP in both 2013 and 2014.
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Stando al programma di convergenza dell'Ungheria per il 2013, il disavanzo pubblico si attesterà al 2,7% del PIL sia nel 2013 che nel 2014.
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However, the Commission services’ 2013 Spring Forecast foresees a deficit of 3.0% of GDP in 2013 and 3.3% of GDP in 2014, which suggests that the excessive deficit has not been brought to an end in a durable way.
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Secondo le previsioni di primavera 2013 dei servizi della Commissione, il disavanzo sarà invece del 3,0% del PIL nel 2013 e del 3,3% del PIL nel 2014, il che significa che non si è posto stabilmente fine al disavanzo eccessivo.
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On 13 May 2013, following the release of the Spring Forecast, the Hungarian government adopted further corrective measures amounting in gross terms to about 0.3% and 0.7% of GDP for 2013 and 2014, respectively.
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Il 13 maggio 2013, dopo la pubblicazione delle previsioni di primavera, il governo ungherese ha adottato ulteriori misure correttive che in termini lordi corrispondono approssimativamente allo 0,3% nel 2013 e allo 0,7% del PIL nel 2014.
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The Commission's updated fiscal assessment, which takes into account the impact of these additional corrective measures, projects a deficit of 2.7% and 2.9% in 2013 and 2014, respectively.
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La valutazione di bilancio aggiornata della Commissione, che tiene conto dell'impatto di queste misure correttive supplementari, prevede un disavanzo del 2,7% nel 2013 e del 2,9% nel 2014.
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Thus, the deficit is expected to remain below the Treaty reference value of 3% of GDP over the forecast horizon.
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Questo significa che nel periodo oggetto di previsione il disavanzo dovrebbe rimanere al di sotto del valore di riferimento del 3% del PIL.
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Romania
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Romania
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The EDP for Romania was launched in 2009.
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La procedura per i disavanzi eccessivi nei confronti della Romania è stata avviata nel 2009.
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The larger-than-expected recession in 2009 resulted in a significant shortfall in government revenue, which pushed the general government deficit to 9% of GDP despite efforts to reduce government expenditure.
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La recessione più grave del previsto ha determinato nel 2009 una consistente riduzione del gettito fiscale, che ha fatto salire il disavanzo pubblico al 9% del PIL nonostante i tentativi di ridurre la spesa pubblica.
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The deficit was subsequently reduced to 6.8% of GDP in 2010, to 5.6% of GDP in 2011 and to 2.9% of GDP in 2012, which is below the 3% of GDP Treaty reference value.
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Il disavanzo è stato poi riportato al 6,8% del PIL nel 2010, al 5,6% del PIL nel 2011 e al 2,9% del PIL nel 2012, scendendo quindi al di sotto del valore di riferimento indicato nel trattato (3% del PIL).
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In the Commission services' 2013 Spring Forecast, the general government deficit is projected to decrease to 2.6% of GDP in 2013 and to 2.4% of GDP in 2014 – based on the no-policy-change assumption – thus remaining below the Treaty reference value of 3% of GDP.
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Secondo le previsioni di primavera 2013 dei servizi della Commissione, a politiche invariate il disavanzo pubblico dovrebbe scendere al 2,6% del PIL nel 2013 e al 2,4% del PIL nel 2014, restando quindi al di sotto del valore di riferimento indicato nel trattato (3% del PIL).
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Why is the Commission recommending that the Council open an EDP for Malta?
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Perché la Commissione raccomanda al Consiglio di avviare una procedura per i disavanzi eccessivi nei confronti di Malta?
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52 |
Since accession to the EU, Malta has been subject to two Excessive Deficit Procedures (EDP).
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Dopo l'adesione all'UE Malta è stata oggetto di due procedure per i disavanzi eccessivi.
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The first was launched in July 2004 and was abrogated in June 2007. The second was launched in July 2009 and abrogated in December 2012.
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La prima è stata avviata nel luglio 2004 e abrogata nel giugno 2007, mentre la seconda è stata avviata nel luglio 2009 e abrogata nel dicembre 2012.
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According to data notified by the Maltese authorities in April 2013, the general government deficit in Malta reached 3.3% of GDP in 2012, thus exceeding the 3%-of-GDP reference value of the Treaty.
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Stando ai dati comunicati dalle autorità maltesi nell'aprile 2013, nel 2012 il disavanzo pubblico di Malta ha raggiunto il 3,3% del PIL, superando quindi il valore di riferimento del 3% del PIL indicato nel trattato.
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The Commission report under Article 126(3), which represents the first step in the EDP, considers that the deficit was close to the 3%-of-GDP reference value, but the excess over the reference value could not be qualified as exceptional nor temporary within the meaning of the Treaty and the Stability and Growth Pact.
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Dalla relazione presentata dalla Commissione a norma dell'articolo 126, paragrafo 3, che rappresenta la prima fase della procedura per i disavanzi eccessivi, emerge che, sebbene il disavanzo fosse vicino al valore di riferimento del 3% del PIL, il superamento del valore di riferimento non può essere considerato né eccezionale né temporaneo ai sensi del trattato e del patto di stabilità e crescita.
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The Commission services' 2013 Spring Forecast projects that the deficit will continue to be above the reference value in 2013 and 2014, respectively at 3.7% and 3.6% of GDP.
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Secondo le previsioni di primavera 2013 dei servizi della Commissione, il disavanzo rimarrà al sopra del valore di riferimento sia nel 2013 che nel 2014 (rispettivamente 3,7% e 3,6% del PIL).
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In addition, in 2012 the debt ratio was above the 60%-of-GDP reference value and Malta did not make sufficient progress towards compliance with the debt reduction benchmark, in line with the requirements of the transition period1.
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Inoltre, nel 2012 il rapporto debito pubblico/PIL ha superato il valore di riferimento del 60% del PIL e Malta non ha fatto progressi sufficienti verso la conformità con il parametro di riferimento per la riduzione del debito, come richiesto nel periodo di transizione1.
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In light of the above the Commission recommends that the Council decides on the existence of an excessive deficit in accordance with Article 126(6) of the Treaty.
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In considerazione di quanto precede, la Commissione raccomanda al Consiglio di decidere che esiste un disavanzo eccessivo a norma dell'articolo 126, paragrafo 6, del trattato.
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When should Malta correct its excessive deficit?
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Entro quando Malta deve correggere il disavanzo eccessivo?
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The Commission recommends that the Council should address recommendations to Malta under Article 126(7)in order to put an end to the present excessive deficit situation by 2014.
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La Commissione raccomanda al Consiglio di raccomandare a Malta, a norma dell'articolo 126, paragrafo 7, di porre fine all'attuale situazione di disavanzo eccessivo entro il 2014.
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Specifically, Malta should reach a headline deficit target of 3.4% of GDP for 2013 and 2.7% of GDP in 2014, which is consistent with an annual improvement of the structural balance of 0.7% of GDP in 2013, and 0.7% of GDP in 2014.
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Nello specifico, Malta deve conseguire un disavanzo nominale del 3,4% del PIL nel 2013 e del 2,7% del PIL nel 2014, un obiettivo coerente con un miglioramento annuo del saldo strutturale dello 0,7% del PIL nel 2013 e dello 0,7% del PIL nel 2014.
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This adjustment path would allow bringing the deficit below the 3% of GDP reference value by 2014 while at the same time ensuring that the debt ratio will approach the 60%-of-GDP reference value at a satisfactory pace.
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Questo percorso di aggiustamento permetterebbe di riportare il disavanzo al di sotto del valore di riferimento del 3% del PIL entro il 2014, garantendo al tempo stesso che il rapporto debito pubblico/PIL si avvicini a un ritmo soddisfacente al valore di riferimento del 60% del PIL.
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Extensions of the deadline for correcting the excessive deficit
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Proroghe del termine per la correzione del disavanzo eccessivo
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64 |
Which countries are concerned? What is the new fiscal adjustment path?
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Quali sono i paesi interessati? Qual è il nuovo percorso di risanamento del bilancio?
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Spain
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Spagna
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66 |
The Commission recommends extending the deadline for Spain by two years, so that the country should put an end to the present excessive deficit situation by 2016.
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La Commissione raccomanda di prorogare di due anni il termine per la Spagna, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2016.
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67 |
Spain should deliver an improvement of the structural budget balance of 1.1% of GDP in 2013, 0.8% of GDP in 2014, 0.8% of GDP in 2015, and 1.2% of GDP in 2016, in order to bring the headline government deficit below the 3% of GDP reference value by 2016, based on the Commission services' 2013 Spring Forecast.
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La Spagna deve migliorare il saldo di bilancio strutturale dell'1,1% del PIL nel 2013, dello 0,8% del PIL nel 2014, dello 0,8% del PIL nel 2015 e dell'1,2% del PIL nel 2016 per riportare il disavanzo pubblico nominale al di sotto del valore di riferimento del 3% entro il 2016, in base alle previsioni di primavera 2013 dei servizi della Commissione.
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68 |
The corresponding headline deficit targets should be 6.5% of GDP for 2013, 5.8% of GDP for 2014, 4.2% of GDP for 2015, and 2.8% of GDP for 2016.
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I corrispondenti obiettivi in termini di disavanzo nominale dovrebbero essere: 6,5% del PIL per il 2013, 5,8% del PIL per il 2014, 4,2% del PIL per il 2015 e 2,8% del PIL per il 2016.
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69 |
France
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Francia
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70 |
The Commission recommends to extend the deadline for France by two years so that France should put an end to the present excessive deficit situation by 2015 at the latest.
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La Commissione raccomanda di prorogare di due anni il termine per la Francia, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2015.
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71 |
France should reach a headline deficit of 3.9% of GDP in 2013, 3.6% in 2014 and 2.8% in 2015, which is consistent with delivering an improvement in the structural balance of 1.3% of GDP in 2013, 0.8% in 2014 and 0.8% in 2015, based on the Commission services' 2013 Spring Forecast (extended to 2015).
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La Francia deve arrivare a un disavanzo nominale del 3,9% del PIL nel 2013, del 3,6% nel 2014 e del 2,8% nel 2015, coerentemente con un miglioramento del saldo strutturale dell'1,3% del PIL nel 2013, dello 0,8% nel 2014 e dello 0,8% nel 2015, in base alle previsioni di primavera 2013 dei servizi della Commissione (estese al 2015).
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72 |
Netherlands
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Paesi Bassi
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73 |
The Commission recommends extending the deadline for the Netherlands by one year so that the country should put an end to the present excessive deficit situation by 2014 at the latest.
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La Commissione raccomanda di prorogare di un anno il termine per i Paesi Bassi, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2014.
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74 |
The Netherlands should reach a headline deficit target of 3.6% in 2013 and 2.8% of GDP in 2014, which is consistent with an improvement of the structural balance of around 0.6% of GDP in 2013 and 0.7% of GDP in 2014.
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I Paesi Bassi devono arrivare a un disavanzo nominale del 3,6% del PIL nel 2013 e del 2,8% nel 2014, un obiettivo coerente con un miglioramento del saldo strutturale dello 0,6% circa del PIL nel 2013 e dello 0,7% del PIL nel 2014.
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75 |
Poland
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Polonia
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76 |
The Commission recommends extending the deadline for Poland by two years, so that Poland should bring an end to the excessive deficit situation by 2014 at the latest.
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La Commissione raccomanda di prorogare di due anni il termine per la Polonia, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2014.
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77 |
Poland should reach a headline deficit target of 3.6% and 3.0% of GDP in 2013 and 2014, wich is consitent with an annual improvement of the structural balance of at least 0.8% and 1.3% of GDP respectively, based on the updated Commission services' 2013 Spring Forecast.
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La Polonia deve arrivare a un disavanzo nominale del 3,6% del PIL nel 2013 e del 3,0% del PIL nel 2014, coerentemente con un miglioramento annuo del saldo strutturale pari almeno, rispettivamente, allo 0,8% e all'1,3% del PIL, in base alle previsioni di primavera 2013 aggiornate dei servizi della Commissione.
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78 |
Portugal
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Portogallo
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79 |
The Commission recommends extending the deadline for Portugal by one year, so that the country should bring an end to the present excessive deficit situation by
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La Commissione raccomanda di prorogare di un anno il termine per il Portogallo, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2015.
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80 |
The Portuguese authorities should bring the headline deficit targets to 5.5% of GDP in 2013, 4.0% of GDP in 2014 and 2.5% of GDP in 2015, which is consistent with an improvement in the structural balance of 0.6% of GDP in 2013, 1.4% of GDP in 2014 and 0.5% of GDP in 2015, based on the Commission services' May 2013 update of the economic outlook for Portugal.
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Le autorità portoghesi devono portare il disavanzo nominale al 5,5% del PIL nel 2013, al 4,0% del PIL nel 2014 e al 2,5% del PIL nel 2015, coerentemente con un miglioramento del saldo strutturale dello 0,6% del PIL nel 2013, dell'1,4% del PIL nel 2014 e dello 0,5% del PIL nel 2015, in base all’aggiornamento del maggio 2013 delle prospettive economiche dei servizi della Commissione relative al Portogallo.
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81 |
Slovenia
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Slovenia
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82 |
The Commission recommends extending the deadline for Slovenia by two years, so that the country should bring an end to the present excessive deficit situation by 2015.
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La Commissione raccomanda di prorogare di due anni il termine per la Slovenia, per consentire al paese di porre fine alla situazione di disavanzo eccessivo entro il 2015.
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83 |
Slovenia should reach a headline general government deficit target of 4.9% of GDP in 2013 (3.7% of GDP excluding 1.2% of GDP one-off expenditure to recapitalise the two largest banks), 3.3% of GDP in 2014 and 2.5% of GDP in 2015.
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La Slovenia deve arrivare a un disavanzo nominale del 4,9% del PIL nel 2013 (3,7% del PIL esclusa la spesa una tantum pari all'1,2% del PIL per la ricapitalizzazione delle due banche principali), del 3,3% del PIL nel 2014 e del 2,5% del PIL nel 2015.
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84 |
This is consistent with an annual improvement of the structural balance of 0.75% of GDP in 2013, 0.5% of GDP in 2014 and 0.5% of GDP in 2015, in order to bring the headline government deficit below the 3% of GDP threshold by 2015, based on the Commission services' updated 2013 Spring Forecast.
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84)In linea con un miglioramento annuo del saldo strutturale dello 0,75% del PIL nel 2013, dello 0,5% del PIL nel 2014 e dello 0,5% del PIL nel 2015, per riportare il disavanzo pubblico nominale al di sotto della soglia del 3% entro il 2016, in base alle previsioni di primavera 2013 aggiornate dei servizi della Commissione.
|
85 |
What are the conditions for being granted additional time to correct the excessive deficit?
|
Quali sono le condizioni per ottenere una proroga del termine per correggere il disavanzo eccessivo?
|
86 |
Additional time can be granted to a Member State to correct an excessive deficit, without stepping up the EDP, provided two conditions are met:
|
Uno Stato membro può ottenere una proroga del termine per correggere un disavanzo eccessivo, senza che si passi alla fase successiva della procedura per i disavanzi eccessivi, purché:
|
87 |
- There must have been an unexpected economic event with major unfavourable consequences for the Member State concerned by the EDP, meaning that the deadline for correcting the excessive deficit can no longer be met.
|
- si sia verificato un evento economico sfavorevole con importanti conseguenze negative per lo Stato membro soggetto a procedura per i disavanzi eccessivi, che gli impedisce di rispettare il termine per la correzione del disavanzo eccessivo;
|
88 |
- The Member State has to have taken "effective action" to comply with the recommendation or notice addressed to it by the Council.
|
- lo Stato membro abbia dato "seguito effettivo" alla raccomandazione o all'intimazione del Consiglio.
|
89 |
A Member State is considered to have taken effective action if it has acted in compliance with the Council recommendation, regarding both the implementation of the measures required and the budgetary execution.
|
Si ritiene che uno Stato membro abbia dato seguito effettivo se ha agito in conformità della raccomandazione del Consiglio per quanto riguarda sia l'attuazione delle misure richieste che l'esecuzione del bilancio.
|
90 |
In case the nominal targets are not met, a careful analysis of the structural effort delivered (measured by the change in structural balance, i.e.the budget balance net of the effect of the economic cycle and the impact of one-off and temporary measures) is carried out in order to determine whether the Member State has adopted measures of the magnitude required.
|
Qualora gli obiettivi nominali non vengano raggiunti, si procede a un'analisi approfondita dello sforzo strutturale compiuto (basata sulla variazione del saldo strutturale, cioè il saldo di bilancio corretto per il ciclo e al netto di misure una tantum e temporanee) per stabilire se lo Stato membro abbia adottato misure della portata richiesta.
|
91 |
When a Member State has taken effective action but cannot meet the deadline due to unexpected events with major negative consequences for government finances, the Council may decide to adopt a revised recommendation, extending the deadline for the correction of the excessive deficit.
|
Se uno Stato membro ha dato seguito effettivo ma non può rispettare il termine fissato a causa di eventi imprevisti, con notevoli ripercussioni negative per le finanze pubbliche, il Consiglio può decidere di adottare una raccomandazione rivista, che proroga il termine per la correzione del disavanzo eccessivo.
|
92 |
What is the legal basis for the extension?
|
Qual è la base giuridica della proroga?
|
93 |
The legal basis is Article 3(5) of Regulation 1467/97. It says that the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty on the Functioning of the European Union, if effective action has been taken and unexpected adverse economic events with major unfavourable consequences for government finances have occurred.
|
La base giuridica è l'articolo 3, paragrafo 5, del regolamento 1467/97, a norma del quale, se è stato dato seguito effettivo alla raccomandazione della Commissione e si verificano eventi economici sfavorevoli imprevisti con importanti conseguenze negative per le finanze pubbliche, il Consiglio può decidere, su raccomandazione della Commissione, di adottare una raccomandazione rivista a norma dell’articolo 126, paragrafo 7, del trattato sul funzionamento dell'Unione europea.
|
94 |
What are the next steps?
|
Quali sono le prossime fasi?
|
95 |
The Commission recommends that the Council establish 1 October 2013 as the deadline for Spain, France, the Netherlands, Poland and Slovenia to take effective action (i.e. to publicly announce or take measures that seem sufficient to ensure adequate progress towards the correction of the excessive deficit) and to report in detail the consolidation strategy that is envisaged to achieve their respective targets.
|
La Commissione raccomanda al Consiglio di fissare al 1° ottobre 2013 il termine entro cui Spagna, Francia, Paesi Bassi, Polonia e Slovenia devono dare seguito effettivo (i paesi devono annunciare pubblicamente o adottare misure considerate sufficienti per garantire progressi adeguati verso la correzione del disavanzo eccessivo) e comunicare le informazioni dettagliate sulla strategia di risanamento che intendono attuare per conseguire i rispettivi obiettivi.
|
96 |
For Portugal the conditions of the economic adjustment programme apply.
|
Nel caso del Portogallo si applicano le condizioni del programma di aggiustamento economico.
|
97 |
What happens if the countries do not take effective action?
|
Che succede se i paesi non danno seguito effettivo?
|
98 |
Following the deadline for taking effective action, the Commission will make an assessment of action taken and communicate its findings to the Council.
|
Una volta scaduto il termine per dare seguito effettivo, la Commissione valuta le misure adottate e comunica le sue conclusioni al Consiglio.
|
99 |
In case the assessment is negative, the Commission will recommend that the Council decide that no action has been taken (Art. 126(8) of the Treaty).
|
In caso di valutazione negativa, la Commissione raccomanda al Consiglio di decidere che non è stato dato seguito effettivo (articolo 126, paragrafo 8, del trattato).
|
100 |
In that case, for euro area Member States, the Commission will also recommend the Council to step up the EDP, i.e. to give notice to the Member State concerned (Art. 126(9) of the Treaty).
|
Per gli Stati membri della zona euro, la Commissione raccomanda anche al Consiglio di passare alla fase successiva della procedura per i disavanzi eccessivi, cioè l'intimazione allo Stato membro in questione (articolo 126, paragrafo 9, del trattato).
|
101 |
Stepping up the EDP for Belgium
|
Passaggio alla fase successiva della procedura per i disavanzi eccessivi nei confronti del Belgio
|
102 |
What is the Commission recommending for Belgium?
|
Cosa raccomanda la Commissione per il Belgio?
|
103 |
The Commission recommends that the Council decides under Article 126(8) that Belgium has not taken effective action in response to the Council Recommendation under Article 126(7) of 2 December 2009 and to decide under Article 126(9) to give notice to Belgium to take measures to correct the excessive deficit by 2013.
|
La Commissione raccomanda al Consiglio di decidere, a norma dell'articolo 126, paragrafo 8, che il Belgio non ha dato seguito effettivo alla raccomandazione rivoltagli il 2 dicembre 2009 dal Consiglio a norma dell'articolo 126, paragrafo 7, e di decidere, a norma dell'articolo 126, paragrafo 9, di intimare al Belgio di prendere misure per correggere il disavanzo eccessivo entro il 2013.
|
104 |
Why does the Commission conclude that Belgium has not taken effective action?
|
Perché la Commissione conclude che il Belgio non ha dato seguito effettivo?
|
105 |
The Excessive Deficit Procedure (EDP) for Belgium was launched in 2009 and the country was asked to correct its excessive deficit by 2012.
|
Nel 2009, quando è stata avviata la procedura per i disavanzi eccessivi nei confronti del Belgio, si è chiesto al paese di correggere il disavanzo eccessivo entro il 2012.
|
106 |
But the 2012 deficit came out at 3.9% of GDP. Hence, Belgium did not correct its excessive deficit by the deadline recommended by the Council.
|
Nel 2012, tuttavia, il disavanzo era del 3,9% del PIL, il che significa che il Belgio non ha corretto il disavanzo eccessivo entro il termine raccomandato dal Consiglio.
|
107 |
This was partly due to the urgent need to recapitalize the banking group Dexia at the end of 2012, which had a negative impact of 0.8% of GDP on the government deficit.
|
Questo è dovuto in parte all'urgente necessità di ricapitalizzare il gruppo bancario Dexia alla fine del 2012, ricapitalizzazione che ha avuto un impatto negativo dello 0,8% del PIL sul debito pubblico.
|
108 |
However, also without this operation the deadline would have been missed.
|
Anche senza questa operazione, comunque, il termine non sarebbe stato rispettato.
|
109 |
The average annual fiscal effort since 2010 is estimated at 0.3% of GDP, significantly below the ¾% of GDP recommended by the Council.
|
Lo sforzo di bilancio annuale medio compiuto dal 2010 è stimato allo 0,3% del PIL, nettamente al di sotto di quanto raccomandato dal Consiglio (¾% del PIL).
|
110 |
Also after correction for the effects of revised potential output growth and revenue developments, the adjusted average fiscal effort is less than half of the recommended effort.
|
Inoltre, una volta corretto tenendo conto degli effetti della crescita riveduta del prodotto potenziale e dell’andamento del gettito fiscale, lo sforzo di bilancio medio è meno della metà di quello raccomandato.
|
111 |
Measures taken in the initial 2013 budget and the March 2013 budget control, are currently expected to bring the deficit below 3% of GDP in 2013.
|
Ora come ora si prevede che le misure adottate con il bilancio iniziale per il 2013 e a seguito del controllo di bilancio del marzo 2013 riportino il disavanzo al di sotto del 3% del PIL nel 2013.
|
112 |
However, according to the Commission services' 2013 Spring Forecast, the safety margin against breaching the Treaty reference value is very narrow.
|
Tuttavia, secondo le previsioni di primavera 2013 dei servizi della Commissione, il margine di sicurezza per evitare il superamento del valore di riferimento indicato nel trattato è molto ridotto.
|
113 |
Moreover, the correction is currently not yet sustainable.
|
Inoltre, la correzione non è ancora duratura.
|
114 |
Therefore, a further reduction of the 2013 deficit to 2.7% of GDP is warranted in order to secure a lasting improvement in the general government balance.
|
Si giustifica quindi un'ulteriore riduzione al 2,7% del PIL per garantire un miglioramento duraturo del saldo delle amministrazioni pubbliche.
|
115 |
What is the new adjustment path for Belgium?
|
Qual è il nuovo percorso di aggiustamento per il Belgio?
|
116 |
The Commission recommends that the Council decides that Belgium shall put an end to the present excessive deficit situation by 2013.
|
La Commissione raccomanda al Consiglio di decidere che il Belgio deve porre fine all'attuale situazione di disavanzo eccessivo entro il 2013.
|
117 |
Belgium shall reduce the headline deficit to 2.7% of GDP in 2013.
|
Il Belgio deve ridurre il disavanzo nominale al 2,7% del PIL nel 2013.
|
118 |
This nominal improvement is consistent with an improvement in the structural balance of 1% of GDP in 2013, based on the Commission services' 2013 Spring Forecast.
|
Questo miglioramento nominale è in linea con un miglioramento del saldo strutturale pari allo 1% del PIL nel 2013, in base alle previsioni di primavera 2013 aggiornate dei servizi della Commissione.
|
119 |
Belgium shall submit to the Commission, by 21 September 2013 at the latest, a report outlining the measures taken to comply with this Decision.
|
Il Belgio deve presentare alla Commissione entro il 21 settembre 2013 una relazione sulle misure adottate per conformarsi alla decisione.
|
120 |
The Commission will evaluate this report with a view to assessing progress made towards the correction of the excessive deficit.
|
La Commissione esaminerà la relazione per valutare i progressi compiuti verso la correzione del disavanzo eccessivo.
|
121 |
General
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Quadro generale
|
122 |
What is the next step?
|
Qual è la prossima fase?
|
123 |
Finance Ministers will discuss today's Recommendations at the ECOFIN Council meeting on 21 June in Luxembourg.
|
I ministri delle Finanze discuteranno delle raccomandazioni odierne al Consiglio ECOFIN che si terrà il 21 giugno a Lussemburgo.
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124 |
What are the main features of the Excessive Deficit Procedure (EDP)?
|
Quali sono i principali elementi della procedura per i disavanzi eccessivi?
|
125 |
The Excessive Deficit Procedure (EDP) is a rule-based process established in the Treaty on the Functioning of the European Union (TFEU, Article 126) to ensure that Member States correct gross fiscal policy errors.
|
La procedura per i disavanzi eccessivi è un processo basato su regole stabilito nel trattato sul funzionamento dell'Unione europea (TFUE, articolo 126) per garantire che gli Stati membri correggano gli errori gravi di politica di bilancio.
|
126 |
There are two key reference values, which, when breached, constitute criteria on the basis of which the opening of an EDP can be warranted:
|
Vi sono due valori di riferimento principali il cui mancato rispetto può giustificare l'avvio della procedura per i disavanzi eccessivi:
|
127 |
one for the general government deficit (3% of GDP) and one for gross government debt (60% of GDP).
|
uno per il disavanzo pubblico (3% del PIL) e uno per il debito pubblico lordo (60% del PIL).
|
128 |
To ensure the correction of excessive deficits, Member States in EDP are subject to recommendations that are to be respected by a certain deadline.
|
Per garantire la correzione dei disavanzi eccessivi, agli Stati membri soggetti a procedura per i disavanzi eccessivi vengono rivolte raccomandazioni che devono essere rispettate entro una determinata scadenza.
|
129 |
The various steps within the EDP are listed in the Treaty and specified further in the Stability and Growth Pact (SGP) legislation (Regulation (EC) 1467/97).
|
Le diverse fasi della procedura per i disavanzi eccessivi sono elencate nel trattato e ulteriormente specificate nella normativa sul patto di stabilità e crescita (regolamento (CE) 1467/97).
|
130 |
While the EDP corresponds to the "corrective arm" of the SGP, it is complemented by a "preventive arm" (defined in Regulation (EC) 1466/97), which comprises procedures to promote surveillance and coordination of economic policies and ensure progress towards fiscal sustainability.
|
La procedura per i disavanzi eccessivi, che corrisponde al "braccio correttivo" del patto di stabilità e crescita, è completata da un "braccio preventivo" (definito nel regolamento (CE) 1467/97), che comprende procedure volte a promuovere la sorveglianza e il coordinamento delle politiche economiche e a garantire progressi verso la sostenibilità di bilancio.
|
131 |
The EDP has recently been reinforced as part of the overhaul of the economic governance architecture in the EU, partly in response to the economic crisis.
|
La procedura per i disavanzi eccessivi è stata recentemente rafforzata nell'ambito della revisione dell'architettura della governance economica dell'UE, attuata in parte in risposta alla crisi economica.
|
132 |
In particular, the legislative package known as the "Six Pack" has largely reformed economic and budgetary surveillance in the EU (MEMO/11/898).
|
In particolare, il pacchetto legislativo "six-pack" ha profondamente riformato la sorveglianza economica e di bilancio nell'UE (MEMO/11/898).
|
133 |
Are euro area programme countries covered by the EDP?
|
La procedura per i disavanzi eccessivi si applica ai paesi dell'eurozona oggetto di un programma di aggiustamento?
|
134 |
Yes, there is an ongoing Excessive Deficit Procedure (EDP) for Greece, Ireland, Portugal and Cyprus.
|
Sì, è in corso una procedura per i disavanzi eccessivi nei confronti di Grecia, Irlanda, Portogallo e Cipro.
|
135 |
But there are certain provisions in order to avoid a doubling of monitoring and reporting requirements.
|
Esistono tuttavia disposizioni volte a evitare una duplicazione degli obblighi relativi al monitoraggio e alla presentazione delle relazioni.
|
136 |
The Commission has already implemented this principle, which is confirmed by a Regulation of the Two-Pack that will enter into force on 30 May (MEMO/13/196).
|
La Commissione ha già applicato questo principio, sancito da un regolamento del "two-pack" che entrerà in vigore il 30 maggio (MEMO/13/196).
|
137 |
In general, the aim of the Two-Pack, which is made up of two regulations, is to further strengthen budgetary surveillance and coordination of economic and budgetary policy in the euro area.
|
L'obiettivo generale del "two-pack", che è composto da due regolamenti, è rafforzare ulteriormente il coordinamento e la sorveglianza di bilancio nella zona euro.
|
138 |
Contrary to the EDP, the Macroeconomic Imbalance Procedure does not cover Member States which are subject to an adjustment programme.
|
Contrariamente alla procedura per i disavanzi eccessivi, la procedura per gli squilibri macroeconomici non si applica agli Stati membri oggetto di un programma di aggiustamento.
|
|
LISTEN WITH READSPEAKER
Commission takes steps under the Excessive Deficit Procedure
Which decisions has the Commission taken today as regards the
Excessive Deficit Procedure?
The Commission has today recommended that the Council abrogate the Excessive
Deficit Procedure (EDP) for five countries:
Italy, Latvia, Hungary, Lithuania and Romania.
The Commission has also recommended that the Council open an EDP for Malta.
Moreover, the Commission has adopted Recommendations to the Council with a view
to extend the deadlines for correcting the excessive deficit in six countries:
Spain, France, the Netherlands, Poland, Portugal and Slovenia.
In addition, the Commission has recommended that the Council decides that no
effective action has been taken by Belgium to put an end to the excessive
deficit and that the Council gives notice to Belgium to take measures to correct
the excessive deficit.
Abrogation/Opening of an Excessive Deficit Procedure
How many Member States are currently under an Excessive Deficit Procedure?
At the moment there is an Excessive Deficit Procedure (EDP) ongoing for 20 EU
Member States.This means all EU Member States except Bulgaria, Germany, Estonia,
Luxembourg, Malta, Finland and Sweden are subject to an EDP.
T oday the Commission has proposed to abrogate the EDP for Italy, Latvia,
Hungary, Lithuania and Romania. But the Commission has also proposed to open an
EDP for Malta.
So if the Council follows the Commission's Recommendations, the overall number
of countries in EDP will drop to 16.
What is needed for an Excessive Deficit Procedure to be abrogated?
A decision on the abrogation of an Excessive Deficit Procedure (EDP) is based on
a "durable correction" of the excessive deficit.
This is deemed achieved if:
(i) the notified data for the previous year (2012 in these cases) show a deficit
below 3% of GDP; and
(ii) the Commission services' forecast indicates that the deficit will not
exceed the 3% of GDP reference value over the forecast horizon (currently 2013
and 2014)
In cases where the deficit remains close to the reference value and the debt
level remains below 60% of GDP, the Commission will also take into account the
net cost of the implementation of pension reforms involving the setup of a
mandatory, fully funded second pillar.
In particular, the Commission will take into account if the excess over the 3%
threshold is fully explained by the net cost of the implementation of the
pension reform.
Why does the Commission recommend that the Council abrogate the EDP
for Italy, Latvia, Hungary, Lithuania and Romania?
Italy
The EDP for Italy was launched in 2009.
After peaking at 5.5% of GDP in 2009, Italy's general government deficit was
steadily brought down and reached 3.0% of GDP in 2012, which was the deadline
set by the Council.
The Stability Programme for 2013-17, adopted by the Italian government on 10
April 2013 and endorsed by parliament on 7 May, plans for the deficit to decline
slightly to 2.9% of GDP in 2013 and then to fall to 1.8% of GDP in 2014.
Based on the no-policy-change assumption, the Commission services' 2013 Spring
Forecast projects a deficit of 2.9% of GDP in 2013 and 2.5% of GDP in 2014,
which is below the Treaty reference value of 3% of GDP.
Latvia
The EDP for Latvia was launched in 2009.
Following high general government deficits in 2009 and 2010 (respectively at
9.8% and 8.1% of GDP), which partly reflected measures to stabilise the
financial sector, the deficit started rapidly declining in 2011, when it reached
3.6% of GDP. In 2012, the deficit declined further to 1.2% of GDP, thus well
below the 3% of GDP Treaty reference value.
The Commission services' 2013 Spring Forecast projects that the general
government deficit will remain broadly unchanged in 2013 at 1.2% of GDP and will
decrease to 0.9% of GDP in 2014 based on the no-policy-change assumption, thus
staying well below the reference value of 3% of GDP.
Lithuania
The EDP for Lithuania was launched in 2009.
Having peaked at 9.4% of GDP in 2009, the general government deficit in
Lithuania was brought down to 7.2% of GDP in 2010, then to 5.5% of GDP in 2011
and to 3.2% of GDP in 2012.
Since the deficit of 3.2% of GDP can be considered to be close to the reference
value of 3% of GDP and Lithuania's debt-to-GDP ratio is below the 60% of GDP
reference value in a sustained manner, Lithuania is eligible for the Stability
and Growth Pact provisions allowing for the direct net cost of a systemic
pension reform to be taken into account when assessing the correction of the
excessive deficit.
As the net costs of Lithuania's systemic pension reform were 0.2% of GDP in
2012, they explain the excess over the 3% of GDP Treaty reference value in that
year.
The Commission services’ 2013 Spring Forecast projects an improvement of the
general government deficit to 2.9% of GDP in 2013 and to 2.4% of GDP in 2014 –
based on the no-policy-change assumption.
As such, the deficit is set to remain below the reference value of 3% of GDP
over the forecast horizon.
Hungary
The EDP for Hungary was launched in 2004.
In 2012, on the basis of a considerable fiscal effort, the general government
deficit reached 1.9% of GDP. This was also thanks to one-off revenues amounting
to ¾% of GDP.
The Hungarian 2013 Convergence Programme projects that the general government
deficit will stay at 2.7% of GDP in both 2013 and 2014.
However, the Commission services’ 2013 Spring Forecast foresees a deficit of
3.0% of GDP in 2013 and 3.3% of GDP in 2014, which suggests that the excessive
deficit has not been brought to an end in a durable way.
On 13 May 2013, following the release of the Spring Forecast, the Hungarian
government adopted further corrective measures amounting in gross terms to about
0.3% and 0.7% of GDP for 2013 and 2014, respectively.
The Commission's updated fiscal assessment, which takes into account the impact
of these additional corrective measures, projects a deficit of 2.7% and 2.9% in
2013 and 2014, respectively.
Thus, the deficit is expected to remain below the Treaty reference value of 3%
of GDP over the forecast horizon.
Romania
The EDP for Romania was launched in 2009.
The larger-than-expected recession in 2009 resulted in a significant shortfall
in government revenue, which pushed the general government deficit to 9% of GDP
despite efforts to reduce government expenditure.
The deficit was subsequently reduced to 6.8% of GDP in 2010, to 5.6% of GDP in
2011 and to 2.9% of GDP in 2012, which is below the 3% of GDP Treaty reference
value.
In the Commission services' 2013 Spring Forecast, the general government deficit
is projected to decrease to 2.6% of GDP in 2013 and to 2.4% of GDP in 2014 –
based on the no-policy-change assumption – thus remaining below the Treaty
reference value of 3% of GDP.
Why is the Commission recommending that the Council open an EDP for
Malta?
Since accession to the EU, Malta has been subject to two Excessive Deficit
Procedures (EDP).
The first was launched in July 2004 and was abrogated in June 2007. The second
was launched in July 2009 and abrogated in December 2012.
According to data notified by the Maltese authorities in April 2013, the general
government deficit in Malta reached 3.3% of GDP in 2012, thus exceeding the
3%-of-GDP reference value of the Treaty.
The Commission report under Article 126(3), which represents the first step in
the EDP, considers that the deficit was close to the 3%-of-GDP reference value,
but the excess over the reference value could not be qualified as exceptional
nor temporary within the meaning of the Treaty and the Stability and Growth
Pact.
The Commission services' 2013 Spring Forecast projects that the deficit will
continue to be above the reference value in 2013 and 2014, respectively at 3.7%
and 3.6% of GDP.
In addition, in 2012 the debt ratio was above the 60%-of-GDP reference value and
Malta did not make sufficient progress towards compliance with the debt
reduction benchmark, in line with the requirements of the transition period1.
In light of the above the Commission recommends that the Council decides on the
existence of an excessive deficit in accordance with Article 126(6) of the
Treaty.
When should Malta correct its excessive deficit?
The Commission recommends that the Council should address recommendations to
Malta under Article 126(7)in order to put an end to the present excessive
deficit situation by 2014.
Specifically, Malta should reach a headline deficit target of 3.4% of GDP for
2013 and 2.7% of GDP in 2014, which is consistent with an annual improvement of
the structural balance of 0.7% of GDP in 2013, and 0.7% of GDP in 2014.
This adjustment path would allow bringing the deficit below the 3% of GDP
reference value by 2014 while at the same time ensuring that the debt ratio will
approach the 60%-of-GDP reference value at a satisfactory pace.
Extensions of the deadline for correcting the excessive deficit
Which countries are concerned? What is the new fiscal adjustment
path?
Spain
The Commission recommends extending the deadline for Spain by two years, so that
the country should put an end to the present excessive deficit situation by
2016.
Spain should deliver an improvement of the structural budget balance of 1.1% of
GDP in 2013, 0.8% of GDP in 2014, 0.8% of GDP in 2015, and 1.2% of GDP in 2016,
in order to bring the headline government deficit below the 3% of GDP reference
value by 2016, based on the Commission services' 2013 Spring Forecast.
The corresponding headline deficit targets should be 6.5% of GDP for 2013, 5.8%
of GDP for 2014, 4.2% of GDP for 2015, and 2.8% of GDP for 2016.
France
The Commission recommends to extend the deadline for France by two years so that
France should put an end to the present excessive deficit situation by 2015 at
the latest.
France should reach a headline deficit of 3.9% of GDP in 2013, 3.6% in 2014 and
2.8% in 2015, which is consistent with delivering an improvement in the
structural balance of 1.3% of GDP in 2013, 0.8% in 2014 and 0.8% in 2015, based
on the Commission services' 2013 Spring Forecast (extended to 2015).
Netherlands
The Commission recommends extending the deadline for the Netherlands by one year
so that the country should put an end to the present excessive deficit situation
by 2014 at the latest.
The Netherlands should reach a headline deficit target of 3.6% in 2013 and 2.8%
of GDP in 2014, which is consistent with an improvement of the structural
balance of around 0.6% of GDP in 2013 and 0.7% of GDP in 2014.
Poland
The Commission recommends extending the deadline for Poland by two years, so
that Poland should bring an end to the excessive deficit situation by 2014 at
the latest.
Poland should reach a headline deficit target of 3.6% and 3.0% of GDP in 2013
and 2014, wich is consitent with an annual improvement of the structural balance
of at least 0.8% and 1.3% of GDP respectively, based on the updated Commission
services' 2013 Spring Forecast.
Portugal
The Commission recommends extending the deadline for Portugal by one year, so
that the country should bring an end to the present excessive deficit situation
by
The Portuguese authorities should bring the headline deficit targets to 5.5% of
GDP in 2013, 4.0% of GDP in 2014 and 2.5% of GDP in 2015, which is consistent
with an improvement in the structural balance of 0.6% of GDP in 2013, 1.4% of
GDP in 2014 and 0.5% of GDP in 2015, based on the Commission services' May 2013
update of the economic outlook for Portugal.
Slovenia
The Commission recommends extending the deadline for Slovenia by two years, so
that the country should bring an end to the present excessive deficit situation
by 2015.
Slovenia should reach a headline general government deficit target of 4.9% of
GDP in 2013 (3.7% of GDP excluding 1.2% of GDP one-off expenditure to
recapitalise the two largest banks), 3.3% of GDP in 2014 and 2.5% of GDP in
2015.
This is consistent with an annual improvement of the structural balance of 0.75%
of GDP in 2013, 0.5% of GDP in 2014 and 0.5% of GDP in 2015, in order to bring
the headline government deficit below the 3% of GDP threshold by 2015, based on
the Commission services' updated 2013 Spring Forecast.
What are the conditions for being granted additional time to correct
the excessive deficit?
Additional time can be granted to a Member State to correct an excessive
deficit, without stepping up the EDP, provided two conditions are met:
- There must have been an unexpected economic event with major unfavourable
consequences for the Member State concerned by the EDP, meaning that the
deadline for correcting the excessive deficit can no longer be met.
- The Member State has to have taken "effective action" to comply with the
recommendation or notice addressed to it by the Council.
A Member State is considered to have taken effective action if it has acted in
compliance with the Council recommendation, regarding both the implementation of
the measures required and the budgetary execution.
In case the nominal targets are not met, a careful analysis of the structural
effort delivered (measured by the change in structural balance, i.e.the budget
balance net of the effect of the economic cycle and the impact of one-off and
temporary measures) is carried out in order to determine whether the Member
State has adopted measures of the magnitude required.
When a Member State has taken effective action but cannot meet the deadline due
to unexpected events with major negative consequences for government finances,
the Council may decide to adopt a revised recommendation, extending the deadline
for the correction of the excessive deficit.
What is the legal basis for the extension?
The legal basis is Article 3(5) of Regulation 1467/97. It says that the Council
may decide, on a recommendation from the Commission, to adopt a revised
recommendation under Article 126(7) of the Treaty on the Functioning of the
European Union, if effective action has been taken and unexpected adverse
economic events with major unfavourable consequences for government finances
have occurred.
What are the next steps?
The Commission recommends that the Council establish 1 October 2013 as the
deadline for Spain, France, the Netherlands, Poland and Slovenia to take
effective action (i.e. to publicly announce or take measures that seem
sufficient to ensure adequate progress towards the correction of the excessive
deficit) and to report in detail the consolidation strategy that is envisaged to
achieve their respective targets.
For Portugal the conditions of the economic adjustment programme apply.
What happens if the countries do not take effective action?
Following the deadline for taking effective action, the Commission will make an
assessment of action taken and communicate its findings to the Council.
In case the assessment is negative, the Commission will recommend that the
Council decide that no action has been taken (Art. 126(8) of the Treaty).
In that case, for euro area Member States, the Commission will also recommend
the Council to step up the EDP, i.e. to give notice to the Member State
concerned (Art. 126(9) of the Treaty).
Stepping up the EDP for Belgium
What is the Commission recommending for Belgium?
The Commission recommends that the Council decides under Article 126(8) that
Belgium has not taken effective action in response to the Council Recommendation
under Article 126(7) of 2 December 2009 and to decide under Article 126(9) to
give notice to Belgium to take measures to correct the excessive deficit by
2013.
Why does the Commission conclude that Belgium has not taken
effective action?
The Excessive Deficit Procedure (EDP) for Belgium was launched in 2009 and the
country was asked to correct its excessive deficit by 2012.
But the 2012 deficit came out at 3.9% of GDP. Hence, Belgium did not correct its
excessive deficit by the deadline recommended by the Council.
This was partly due to the urgent need to recapitalize the banking group Dexia
at the end of 2012, which had a negative impact of 0.8% of GDP on the government
deficit.
However, also without this operation the deadline would have been missed.
The average annual fiscal effort since 2010 is estimated at 0.3% of GDP,
significantly below the ¾% of GDP recommended by the Council.
Also after correction for the effects of revised potential output growth and
revenue developments, the adjusted average fiscal effort is less than half of
the recommended effort.
Measures taken in the initial 2013 budget and the March 2013 budget control, are
currently expected to bring the deficit below 3% of GDP in 2013.
However, according to the Commission services' 2013 Spring Forecast, the safety
margin against breaching the Treaty reference value is very narrow.
Moreover, the correction is currently not yet sustainable.
Therefore, a further reduction of the 2013 deficit to 2.7% of GDP is warranted
in order to secure a lasting improvement in the general government balance.
What is the new adjustment path for Belgium?
The Commission recommends that the Council decides that Belgium shall put an end
to the present excessive deficit situation by 2013.
Belgium shall reduce the headline deficit to 2.7% of GDP in 2013.
This nominal improvement is consistent with an improvement in the structural
balance of 1% of GDP in 2013, based on the Commission services' 2013 Spring
Forecast.
Belgium shall submit to the Commission, by 21 September 2013 at the latest, a
report outlining the measures taken to comply with this Decision.
The Commission will evaluate this report with a view to assessing progress made
towards the correction of the excessive deficit.
General
What is the next step?
Finance Ministers will discuss today's Recommendations at the ECOFIN Council
meeting on 21 June in Luxembourg.
What are the main features of the Excessive Deficit Procedure (EDP)?
The Excessive Deficit Procedure (EDP) is a rule-based process established in the
Treaty on the Functioning of the European Union (TFEU, Article 126) to ensure
that Member States correct gross fiscal policy errors.
There are two key reference values, which, when breached, constitute criteria on
the basis of which the opening of an EDP can be warranted:
one for the general government deficit (3% of GDP) and one for gross government
debt (60% of GDP).
To ensure the correction of excessive deficits, Member States in EDP are subject
to recommendations that are to be respected by a certain deadline.
The various steps within the EDP are listed in the Treaty and specified further
in the Stability and Growth Pact (SGP) legislation (Regulation (EC) 1467/97).
While the EDP corresponds to the "corrective arm" of the SGP, it is complemented
by a "preventive arm" (defined in Regulation (EC) 1466/97), which comprises
procedures to promote surveillance and coordination of economic policies and
ensure progress towards fiscal sustainability.
The EDP has recently been reinforced as part of the overhaul of the economic
governance architecture in the EU, partly in response to the economic crisis.
In particular, the legislative package known as the "Six Pack" has largely
reformed economic and budgetary surveillance in the EU (MEMO/11/898).
Are euro area programme countries covered by the EDP?
Yes, there is an ongoing Excessive Deficit Procedure (EDP) for Greece, Ireland,
Portugal and Cyprus.
But there are certain provisions in order to avoid a doubling of monitoring and
reporting requirements.
The Commission has already implemented this principle, which is confirmed by a
Regulation of the Two-Pack that will enter into force on 30 May (MEMO/13/196).
In general, the aim of the Two-Pack, which is made up of two regulations, is to
further strengthen budgetary surveillance and coordination of economic and
budgetary policy in the euro area.
Contrary to the EDP, the Macroeconomic Imbalance Procedure does not cover Member
States which are subject to an adjustment programme.
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