(Finance) – In the context of the European Semester Spring Package June 2024the Commission submitted a report pursuant to Article 126(3) of the Treaty on the Functioning of the EU (TFEU). The report found that the initiation of an excessive deficit procedure based on the deficit was justified for seven selected Member Statesi. The Economic and Financial Committee expressed its opinion within the following two weeks.
Therefore, the Commission yesterday proposed to the Council the decisions establishing the‘existence of excessive deficits For Belgium, France, Italy, Hungary, Malta, Poland and SlovakiaThe European executive has made this known.
The next step is that the Council decides on the existence of an excessive deficit in these Member States and, on a proposal from the Commission within the framework of the European Semester Autumn Packageadopt its recommendation on the adjustment path and deadline for putting an end to the situation of excessive deficit.