Decision 2005/729 - 2005/729/EC: Council Decision of 7 June 2005 abrogating Decision 2005/136/EC on the existence of an excessive deficit in the Netherlands

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Contents

  1. Current status
  2. Key information
  3. Key dates
  4. Legislative text
  5. Original proposal
  6. Sources and disclaimer
  7. Full version
  8. EU Monitor

1.

Current status

This decision has been published on October 20, 2005 and should have been implemented in national regulation on the same day at the latest.

2.

Key information

official title

2005/729/EC: Council Decision of 7 June 2005 abrogating Decision 2005/136/EC on the existence of an excessive deficit in the Netherlands
 
Legal instrument Decision
Number legal act Decision 2005/729
Original proposal SEC(2005)642 EN
CELEX number i 32005D0729

3.

Key dates

Document 07-06-2005
Publication in Official Journal 20-10-2005; OJ L 173M , 27.6.2006,OJ L 274 p. 89-90
Effect 20-10-2005; Takes effect Date notif.
End of validity 31-12-9999
Notification 20-10-2005; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new}

4.

Legislative text

20.10.2005   

EN

Official Journal of the European Union

L 274/89
 

COUNCIL DECISION

of 7 June 2005

abrogating Decision 2005/136/EC on the existence of an excessive deficit in the Netherlands

(2005/729/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Article 104(12) thereof,

Having regard to the recommendation from the Commission,

Whereas:

 

(1)

By Decision 2005/136/EC (1) following a recommendation from the Commission in accordance with Article 104(6) of the Treaty, the Council decided that an excessive deficit existed in the Netherlands.
 

(2)

In accordance with Article 104(7) of the Treaty, the Council made a Recommendation on 2 June 2004 addressed to the Netherlands with a view to bringing the excessive deficit situation to an end. This Recommendation, in conjunction with 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 (2), established a deadline of 2005 at the latest for the correction of the excessive deficit.
 

(3)

In accordance with Article 104(12) of the Treaty, 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.
 

(4)

The definitions of ‘government’ and ‘deficit’ are laid down in the Protocol on the excessive deficit procedure by reference to the European System of Integrated Economic Accounts, second edition. The data for the excessive deficit procedure are provided by the Commission.
 

(5)

Based on the data provided by the Commission after reporting by the Netherlands before 1 March 2005 in accordance with Council Regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (3), on the subsequent reporting of revised general government accounts to Eurostat on 31 March 2005, and on the Commission services’ Spring 2005 forecast, the following conclusions are warranted:

 

—

the general government deficit is estimated at 2,3 % of GDP in 2004, compared with 3,2 % in 2003. The outcome for 2004 is in compliance with the Council recommendation issued under Article 104(7) of the Treaty, particularly as regards the reduction of the government deficit below the reference value of 3 % of GDP by 2005 at the latest. Fiscal adjustment was pursued in 2004 in the form of substantial savings measures, partly contained in the 2004 budget and partly decided in the additional consolidation package on 14 April 2004. Moreover, stronger-than-expected tax receipts and additional revenues from the sale of natural gas in response to high oil prices helped reduce the deficit,
 

—

the budgetary measures taken are geared towards securing a lasting improvement in the general government balance. For 2005, the Commission services’ Spring 2005 forecast projects a further decline in the general government deficit to 2,0 % of GDP, largely in response to savings measures, mostly of a structural nature, adding up to 0,5 % of GDP. This is in line with the official target of a deficit of 2,1 % of GDP. For 2006, the Commission services’ Spring 2005 forecast projects, based on currently known policies, a further fall in the deficit to 1,6 % of GDP, pointing to the durable correction of the budget deficit,
 

—

the budgetary consolidation will be sustained through a reduction in the cyclically adjusted deficit which is expected to reach close to balance after the excessive deficit has been corrected. In 2004, the cyclically adjusted deficit fell markedly to 1,2 % of GDP, compared to 2,0 % of GDP in 2003. The Commission services’ Spring 2005...


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This text has been adopted from EUR-Lex.

5.

Original proposal

 

6.

Sources and disclaimer

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7.

Full version

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8.

EU Monitor

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