CELEX: 51997PC0306
Language: en
Date: 1997-06-24
Title: Amended proposal for a Council Regulation (EC) on speeding up and clarifying the implementation of the excessive deficit procedure

Avis juridique important

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51997PC0306

Amended proposal for a Council Regulation (EC) on speeding up and clarifying the implementation of the excessive deficit procedure  /* COM/97/0306 final - CNS 96/0248 */  

Official Journal C 248 , 14/08/1997 P. 0019

Amended proposal for a Council Regulation on speeding up and clarifying the implementation of the excessive deficit procedure (1) (97/C 248/06) COM(97) 306 final - 96/0248(CNS) (Submitted by the Commission pursuant to Article 189a (2) of the EC Treaty on 25 June 1997)The Commission, having regard to the amendments proposed by the European Parliament to the document 6931/2/97-C4-0182/97-96/0248(CNS), has accepted the following amendments:- Recital 3 now reads:'(3) Whereas, in the Resolution of the European Council of 17 June 1997, the European Council, in accordance with Article D of the Treaty, has given firm political guidelines in order to implement the Stability and Growth Pact in a strict and timely manner;`- Recital 7 now reads:'(7) Whereas adherence to the medium-term objective of budgetary positions close to balance or in surplus to which all Member States are committed contributes to the creation of the appropriate conditions for price stability and for sustained growth conducive to employment creation in all Member States and will allow them to deal with normal cyclical fluctuations while keeping the government deficit within the 3 % of GDP reference value;`- Article 12 (2):'2. Each following year, until the decision on the existence of an excessive deficit is abrogated, the Council shall assess whether the participating Member State concerned has taken effective action in response to the Council notice in accordance with Article 104 (c) (9). In this annual assessment the Council shall decide, in accordance with Article 104 (c) (11), and without prejudice to Article 13 of this Regulation, to intensify the sanctions, unless the participating Member State concerned has complied with the Council notice. If an additional deposit is decided, it shall be equal to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and the 3 % of GDP reference value.`(1) OJ No C 130, 26. 4. 1997, p. 12.