Brussels, 9 July 2024
As part of the European Semester Spring package of June 2024, the Commission presented a Report under Article 126(3) of the Treaty on the Functioning of the EU (TFEU). The Report found that the opening of a deficit-based excessive deficit procedure was warranted for seven selected Member States. The Economic and Financial Committee provided its opinion within the following two weeks.
Therefore, the Commission has proposed to the Council yesterday decisions establishing the existence of excessive deficits for Belgium, France, Italy, Hungary, Malta, Poland and Slovakia.
The next step is for the Council to decide on the existence of an excessive deficit in these Member States and, following a proposal from the Commission as part of the European Semester Autumn Package, to adopt its recommendation on the adjustment path and the deadline to end the excessive deficit situation.
The relevant documents are available here.