Regulation 1997/1466 - Strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies - EU monitor

EU monitor
Friday, June 5, 2020
calendar

Regulation 1997/1466 - Strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies

Please note

This page contains a limited version of this dossier in the EU Monitor.

1.

Current status

This regulation has been published on August  2, 1997 and entered into force on July  1, 1998.

2.

Key information

official title

Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies
 
Legal instrument Regulation
Number legal act Regulation 1997/1466
Original proposal COM(1996)496 EN
CELEX number i 31997R1466

3.

Key dates

Document 07-07-1997
Publication in Official Journal 02-08-1997; Special edition in Croatian: Chapter 10 Volume 003,Special edition in Slovenian: Chapter 10 Volume 001,Special edition in Polish: Chapter 10 Volume 001,Special edition in Lithuanian: Chapter 10 Volume 001,Special edition in Romanian: Chapter 10 Volume 001,Special edition in Bulgarian: Chapter 10 Volume 001,Special edition in Czech: Chapter 10 Volume 001,OJ L 209, 2.8.1997,Special edition in Latvian: Chapter 10 Volume 001,Special edition in Hungarian: Chapter 10 Volume 001,Special edition in Maltese: Chapter 10 Volume 001,Special edition in Slovak: Chapter 10 Volume 001,Special edition in Estonian: Chapter 10 Volume 001
Effect 01-07-1998; Entry into force See Art 13
End of validity 31-12-9999

4.

Legislative text

2.8.1997   

EN

Official Journal of the European Union

L 209/1

 

COUNCIL REGULATION (EC) No 1466/97

of 7 July 1997

on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Article 103 (5) thereof,

Having regard to the proposal from the Commission (1),

Acting in accordance with the procedure referred to in Article 189c of the Treaty (2),

 

(1)

Whereas 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;

 

(2)

Whereas the Stability and Growth Pact consists of this Regulation which aims to strengthen the surveillance of budgetary positions and the surveillance and coordination of economic policies, of Council Regulation (EC) No 1467/97 (3) which aims to speed up and to clarify the implementation of the excessive deficit procedure and of the Resolution of the European Council of 17 June 1997 on the Stability and Growth Pact (4), in which, in accordance with Article D of the Treaty on European Union, firm political guidelines are issued in order to implement the Stability and Growth Pact in a strict and timely manner and in particular to adhere to the medium term objective of budgetary positions of close to balance or in surplus, to which all Member States are committed, and to take the corrective budgetary action they deem necessary to meet the objectives of their stability and convergence programmes, whenever they have information indicating actual or expected significant divergence from the medium-term budgetary objective;

 

(3)

Whereas in stage three of Economic and Monetary Union (EMU) the Member States are, according to Article 104c of the Treaty, under a clear Treaty obligation to avoid excessive general government deficits; whereas under Article 5 of Protocol (No 11) on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland to the Treaty, Article 104c(1) does not apply to the United Kingdom unless it moves to the third stage; whereas the obligation under Article 109e(4) to endeavour to avoid excessive deficits will continue to apply to the United Kingdom;

 

(4)

Whereas adherence to the medium-term objective of budgetary positions close to balance or in surplus will allow Member States to deal with normal cyclical fluctuations while keeping the government deficit within the 3 % of GDP reference value;

 

(5)

Whereas it is appropriate to complement the multilateral surveillance procedure of Article 103 (3) and (4) with an early warning system, under which the Council will alert a Member State at an early stage to the need to take the necessary budgetary corrective action in order to prevent a government deficit becoming excessive;

 

(6)

Whereas the multilateral surveillance procedure of Article 103 (3) and (4) should furthermore continue to monitor the full range of economic developments in each of the Member States and in the Community as well as the consistency of economic policies with the broad economic guidelines referred to in Article 103 (2); whereas for the monitoring of these developments, the presentation of information in the form of stability and convergence programmes is appropriate;

 

(7)

Whereas there is a need to build upon the useful experience gained during the first two stages of economic and monetary union with convergence programmes;

 

(8)

Whereas the Member States adopting the single currency, hereafter referred to as ‘participating Member States’, will, in accordance with Article 109j, have achieved a high degree of sustainable convergence and in...


More

This text has been adopted from EUR-Lex.

5.

Original proposal

 

6.

Sources and disclaimer

For further information you may want to consult the following sources that have been used to compile this dossier:

This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.

 

7.

Full version

This page is also available in a full version containing the summary of legislation, the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and finally the related cases of the European Court of Justice.

The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.

8.

EU Monitor

The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals the newly added documents and subsequent meetings in which these are scheduled for discussion or vote. The latest state of affairs is conveniently presented in such a way that a single glance is sufficient to keep informed. By way of alerts through e-mail or digital newsletters users and their clients are kept in the loop 24/7.

If you are interested in the EU Monitor, please contact us at info@eumonitor.eu.