| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 903 final (10.12.13) |
| Publication Date | 10/12/2013 |
| Content Type | Policy-making |
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According to Article 126 of the Treaty on the Functioning of the European Union (TFEU) Member States shall avoid excessive government deficits. The Stability and Growth Pact (SGP) is based on the objective of sound government finances as a means of strengthening the conditions for price stability and for strong sustainable growth conducive to employment creation. The excessive deficit procedure (EDP) under Article 126 TFEU provides for a decision on the existence of an excessive deficit. The Protocol on the excessive deficit procedure annexed to the Treaty sets out further provisions relating to the implementation of the EDP. Council Regulation (EC) No 479/2009 lays down detailed rules and definitions for the application of the provision of the said Protocol. According to Article 126(5) TFEU, if the Commission considers that an excessive deficit in a Member State exists or may occur, it shall address an opinion to the Member State concerned and the Council accordingly. Having taken into account its report in accordance with Article 126(3) TFEU and having regard to the opinion of the Economic and Financial Committee, the Commission concluded that an excessive deficit exists in Croatia. The Commission therefore addressed such an opinion to Croatia and informed the Council on 10 December 2013. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:903:FIN |
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| Countries / Regions | Croatia |
