Decision 2007/640 - 2007/640/EC: Council Decision of 10 July 2007 establishing, in accordance with Article 104(8), that the action taken by the Czech Republic in response to the Recommendation of the Council in accordance with Article 104(7) of the Treaty establishing the EC is proving to be inadequate - Main contents
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2007/640/EC: Council Decision of 10 July 2007 establishing, in accordance with Article 104(8), that the action taken by the Czech Republic in response to the Recommendation of the Council in accordance with Article 104(7) of the Treaty establishing the European Community is proving to be inadequate| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2007/640 |
| Original proposal | SEC(2007)725  |
| CELEX number i | 32007D0640 |
| Document | 10-07-2007 |
|---|---|
| Publication in Official Journal | 05-10-2007; OJ L 260 p. 13-14 |
| Effect | 05-10-2007; Takes effect Date notif. |
| End of validity | 31-12-9999 |
| Notification | 05-10-2007; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new} |
5.10.2007 |
EN |
Official Journal of the European Union |
L 260/13 |
COUNCIL DECISION
of 10 July 2007
establishing, in accordance with Article 104(8), that the action taken by the Czech Republic in response to the Recommendation of the Council in accordance with Article 104(7) of the Treaty establishing the European Community is proving to be inadequate
(2007/640/EC)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 104(8) thereof,
Having regard to the Recommendation from the Commission,
Whereas:
(1) |
According to Article 104 of the Treaty, Member States are to avoid excessive government deficits. |
(2) |
The Stability and Growth Pact is based on the objective of sound government finances as a means of strengthening the conditions for price stability and for strong sustainable growth conducive to employment creation. The Stability and Growth Pact includes Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (1) which was adopted to further the prompt correction of excessive general government deficits. |
(3) |
By Council Decision 2005/185/EC (2), it was decided, following a recommendation from the Commission in accordance with Article 104(6) of the Treaty, that an excessive deficit existed in the Czech Republic. |
(4) |
On 5 July 2004, in accordance with Article 104(7) of the Treaty and Article 3(4) of Regulation (EC) No 1467/97, the Council, based on a recommendation from the Commission, adopted a recommendation to the Czech authorities with a view to bringing the excessive deficit situation to an end as rapidly as possible and to taking action in a medium-term framework to achieve the objective of bringing the deficit below 3 % of GDP by 2008 in a credible and sustainable manner, in accordance with the path for deficit reduction specified in the convergence programme submitted by the authorities in May 2004 and endorsed in the Council Opinion of 5 July 2004 on the Convergence Programme of the Czech Republic, 2004-2007 (3), with the following intermediate annual targets: 5,3 % of GDP in 2004, 4,7 % of GDP in 2005, 3,8 % of GDP in 2006, 3,3 % of GDP in 2007. The Council established the deadline of 5 November 2004 to take effective action ‘regarding the measures envisaged to achieve the 2005 deficit target’. The Czech Republic agreed to make the recommendation public. |
(5) |
After the expiry of the deadline of 5 November 2004, the Commission concluded, in its Communication to the Council of 14 December 2004 (4), that no further steps were necessary under the excessive deficit procedure for the Czech Republic as the Czech government had taken effective action regarding the measures envisaged to achieve the 2005 deficit target. The November 2005 update of the convergence programme indicated a deficit of 2,7 % of GDP for 2008 which was endorsed by the Council on 24 January 2006. |
(6) |
The assessment of the action taken by the Czech Republic to correct the excessive deficit by 2008 in response to the Council recommendation under Article 104(7) leads to the following conclusions:
|
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