council decis juli exist excess deficit cypru ec council european union regard treati establish european commun articl thereof regard recommend commiss regard observ made cypru articl treati member state avoid excess govern deficit appli member state derog case countri join european union stabil growth pact base object sound govern financ mean strengthen condit price stabil strong sustain growth conduc employ creation excess deficit procedur articl decis exist excess deficit protocol excess deficit procedur annex treati set provis relat implement excess deficit procedur council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun lai detail rule definit applic provis protocol articl treati requir commiss address opinion council commiss consid excess deficit member state exist occur examin relev factor account report accord articl regard opinion econom financi committe accord articl commiss conclud opinion june exist excess deficit cypru articl treati lai council observ member state concern make decid assess excess deficit exist assess lead conclus gener govern deficit reach gdp cypru gdp treati refer excess gener govern deficit refer result unusu event control cypriot author result sever econom downturn mean stabil growth pact gener govern deficit remain gdp commiss spring forecast deficit project reach gdp converg programm cypru forecast deficit gdp debt ratio diverg gdp treati refer adopt decison articl assess excess deficit exist cypru articl decis address republ cypru brussel juli council presid zalm oj regul amend commiss regul ec oj