| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2012) 683 final (14.11.12) |
| Publication Date | 14/11/2012 |
| Content Type | Policy-making |
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On 27 April 2009, the Council decided that an excessive deficit existed in Spain and issued a recommendation to correct the excessive deficit by 2012 at the latest, in accordance with Article 3 of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure. On 2 December 2009, the Council decided that effective action had been taken and that unexpected adverse economic events with major unfavourable consequences for government finances had occurred after the adoption of that recommendation. As a result, the Council adopted a revised recommendation to correct the excessive deficit by 2013 at the latest in a credible and sustainable manner by taking action in a medium-term framework. On 15 June 2010, the Commission concluded that Spain had taken effective action in compliance with the Council recommendation of 2 December 2009 to bring its government deficit below the 3% of GDP reference value and considered that no additional step in the excessive deficit procedure was therefore necessary. On 10 July 2012, the Council decided that effective action had been taken but that unexpected adverse economic events with major unfavourable consequences for government finances had occurred after the adoption of the revised recommendation in 2009. The Council therefore adopted a revised recommendation and recommended Spain to correct the excessive deficit by 2014 at the latest. This assessment is based on the Commission services' 2012 Autumn Forecast. It takes into account the economic and budgetary developments since 10 July 2012, when the last Council recommendation was issued. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0683:FIN:EN:PDF |
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| Countries / Regions | Spain |
