Legal provisions of SEC(2006)285 - Recommendation for a Council Decision giving notice to Germany, in accordance with Article 104(9) of the EC Treaty, to take measures for the deficit reduction judged necessary in order to remedy the situation of excessive deficit

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dossier SEC(2006)285 - Recommendation for a Council Decision giving notice to Germany, in accordance with Article 104(9) of the EC Treaty, to take ...
document SEC(2006)285 EN
date March 14, 2006

Contents

Article 1

1. Germany shall put an end to the present excessive deficit situation as rapidly as possible and at the latest by 2007.

2. In 2006 and 2007, Germany shall ensure a cumulative improvement in its cyclically-adjusted balance net of one-off and temporary measures of at least one percentage point.

Article 2

1. Germany shall submit to the Commission, by 14 July 2006 at the latest, a report outlining the measures taken to comply with this Decision. The Commission will evaluate this report with a view to assessing progress made towards the correction of the excessive deficit.

2. Germany shall submit further reports to the Commission, by 1 October 2006, 1 April 2007, 1 October 2007 and 1 April 2008, examining progress made in complying with this Decision.

Article 3

Germany shall take the necessary measures to ensure that budgetary consolidation towards its medium-term objective of a balanced budget in structural terms is sustained through a reduction in the structural deficit of at least 0,5 % of GDP per year after the excessive deficit has been corrected.

Article 4

This Decision is addressed to the Federal Republic of Germany.