Decision 2013/317 - 2013/317/EU: Council Decision of 21 June 2013 abrogating Decision 2009/591/EC on the existence of an excessive deficit in Latvia - Main contents
26.6.2013 |
EN |
Official Journal of the European Union |
L 173/48 |
COUNCIL DECISION
of 21 June 2013
abrogating Decision 2009/591/EC on the existence of an excessive deficit in Latvia
(2013/317/EU)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 126(12) thereof,
Having regard to the recommendation from the European Commission,
Whereas:
(1) |
On 7 July 2009, following a recommendation from the Commission in accordance with Article 104(6) of the Treaty establishing the European Community (TEC), the Council decided, in Decision 2009/591/EC (1), that an excessive deficit existed in Latvia. The Council noted that the general government deficit had reached 4,0 % of GDP in 2008, above the 3 %-of-GDP Treaty reference value, while the general government gross debt stood at 19,5 % of GDP in 2008, well below the 60 %-of-GDP Treaty reference value (2). |
(2) |
On 7 July 2009, in accordance with Article 104(7) TEC and Article 3(4) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (3), the Council, based on a recommendation from the Commission, addressed a Recommendation to Latvia with a view to bringing the excessive deficit situation to an end by 2012. The Recommendation was made public. |
(3) |
In accordance with Article 4 of the Protocol on the excessive deficit procedure annexed to the Treaties, the Commission provides the data for the implementation of the procedure. As part of the application of this Protocol, Member States are to notify data on government deficits and debt and other associated variables twice a year, namely before 1 April and before 1 October, in accordance with Article 3 of Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (4). |
(4) |
When considering whether a decision on the existence of an excessive deficit ought to be abrogated, the Council has to take a decision on the basis of notified data. Moreover, a decision on the existence of an excessive deficit should be abrogated only if the Commission services forecasts indicate that the deficit will not exceed the 3 %-of-GDP threshold over the forecast horizon. |
(5) |
Based on data provided by the Commission (Eurostat), in accordance with Article 14 of Regulation (EC) No 479/2009, following the notification by Latvia before 1 April 2013 and on the Commission services 2013 spring forecast, the following conclusions are justified:
|
(6) |
The Council recalls that, starting from 2013, which is the year following the correction of the excessive deficit, Latvia should ensure compliance with the requirements of the preventive arm of the Stability and Growth Pact, including respecting the expenditure benchmark. |
(7) |
In accordance with Article 126(12) of the Treaty on the Functioning of the European Union, a Council Decision on the existence of an excessive deficit is to be abrogated when the excessive deficit in the Member State concerned has, in the view of the Council, been corrected. |
(8) |
In the view of the Council, the excessive deficit in Latvia has been corrected and Decision 2009/591/EC should therefore be abrogated, |
HAS ADOPTED THIS DECISION:
Article 1
From an overall assessment it follows that the excessive deficit situation in Latvia has been corrected.
Article 2
Decision 2009/591/EC is hereby abrogated.
Article 3
This Decision is addressed to the Republic of Latvia.
Done at Luxembourg, 21 June 2013.
For the Council
The President
-
M.NOONAN
-
After the adoption of Decision 2009/591/EC, the general government deficit and debt for 2008 were revised to currently 4,2 % of GDP and 19,8 % of GDP respectively.
This summary has been adopted from EUR-Lex.