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

Please note

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

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 June 26, 2013 and entered into force on July  5, 2013.

2.

Key information

official title

2013/317/EU: Council Decision of 21 June 2013 abrogating Decision 2009/591/EC on the existence of an excessive deficit in Latvia
 
Legal instrument Decision
Number legal act Decision 2013/317
Original proposal COM(2013)386 EN
CELEX number i 32013D0317

3.

Key dates

Document 21-06-2013
Publication in Official Journal 26-06-2013; OJ L 173 p. 48-49
Effect 05-07-2013; Entry into force Date notif.
End of validity 31-12-9999
Notification 05-07-2013

4.

Legislative text

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:

 

—

Following high general government deficits in 2009 and 2010 (respectively at 9,8 % and 8,1 % of GDP), which partly reflected measures to stabilise the financial sector, the deficit started rapidly declining in 2011, when it reached 3,6 % of GDP. This improvement reflected sizeable and broad-based fiscal consolidation implemented over the period of 2009-2011 in the context of the economic adjustment programme supported by the balance-of-payments assistance, as well as improving cyclical conditions; the adjustment programme was successfully completed in January 2012. In 2012, the general government deficit declined further to 1,2 % of GDP, thus overachieving the deficit target of 2,1 % of GDP set in the Convergence Programme for 2012 to 2016 and well below the 3 %-of-GDP Treaty reference value. On the revenue side, this reflected favourable cyclical conditions and improving tax efficiency, while expenditure growth remained substantially below the nominal GDP growth. As a result, in 2012, the share of government revenue in GDP increased by ¼ percentage points, while the share of government expenditure declined by 2 percentage points.
 

—

The Convergence Programme for 2012...


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 legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and 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 developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.