Decision 2016/1022 - Abrogation of Decision 2010/401/EU on the existence of an excessive deficit in Cyprus - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
Contents
official title
Council Decision (EU) 2016/1022 of 17 June 2016 abrogating Decision 2010/401/EU on the existence of an excessive deficit in Cyprus| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2016/1022 |
| Original proposal | COM(2016)295  |
| CELEX number i | 32016D1022 |
| Document | 17-06-2016; Date of adoption |
|---|---|
| Publication in Official Journal | 24-06-2016; OJ L 166 p. 14-16 |
| Effect | 21-06-2016; Takes effect Date notif. |
| End of validity | 31-12-9999 |
| Notification | 21-06-2016 |
24.6.2016 |
EN |
Official Journal of the European Union |
L 166/14 |
COUNCIL DECISION (EU) 2016/1022
of 17 June 2016
abrogating Decision 2010/401/EU on the existence of an excessive deficit in Cyprus
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 13 July 2010, by Council Decision 2010/401/EU (1) on the basis of a recommendation from the Commission, the Council decided, in accordance with Article 126(6) of the Treaty on the Functioning of the European Union (TFEU), that an excessive deficit existed in Cyprus. The Council noted that according to data notified by the Cypriot authorities in April 2010, the general government deficit in Cyprus reached 6,1 % of GDP in 2009, thus exceeding the Treaty reference value of 3 % of GDP. The general government gross debt was planned to reach 62 % of GDP in 2010, thus above the Treaty reference value of 60 % of GDP. |
(2) |
On 13 July 2010, in accordance with Article 126(7) TFEU and Article 3(4) of Council Regulation (EC) No 1467/97 (2), the Council, on the basis of a recommendation from the Commission, addressed a recommendation to Cyprus with a view to bringing the situation of an excessive government deficit to an end by 2012. That Council recommendation was made public. |
(3) |
On 27 January 2011, the Commission concluded that, on the basis of information available at the time, Cyprus had taken action representing adequate progress towards the correction of the excessive deficit within the time limits set by the Council. On 11 January 2012, the Commission again confirmed that Cyprus had taken effective action towards a timely and sustainable correction of the excessive deficit. |
(4) |
The Cypriot authorities requested financial assistance from the Union, the Member States whose currency is the euro and the International Monetary Fund (IMF) with a view to supporting the return of Cyprus' economy to sustainable growth. On 25 April 2013, the Council adopted Decision 2013/236/EU (3), addressed to Cyprus, on specific measures to restore financial stability and sustainable growth. In parallel, the European Stability Mechanism (ESM) granted a financial assistance facility to Cyprus. In that context, a Memorandum of Understanding on Specific Economic Policy Conditionality was signed on 26 April 2013 by the Cypriot authorities and the Commission, acting on behalf of the ESM. |
(5) |
On 16 May 2013, in accordance with Article 3(5) of Regulation (EC) No 1467/97, the Council concluded that Cyprus had taken effective action but that unexpected adverse economic events with major unfavourable consequences for public finances had occurred after the adoption of the Council Recommendation of 13 July 2010. Therefore, the Council, on the basis of a recommendation from the Commission, considered that the conditions provided for in Article 3(5) of Regulation (EC) No 1467/97 had been fulfilled and adopted a new recommendation addressed to Cyprus under Article 126(7) TFEU, with a view to bringing the excessive deficit situation to an end by 2016. |
(6) |
On 6 September 2013, the Commission concluded that Cyprus had taken effective action towards correcting the excessive deficit by 2016 as recommended by the Council on 16 May 2013. |
(7) |
In accordance with Article 10(2)(a) of Regulation (EU) No 472/2013 of the European Parliament and of the Council (4), Cyprus was exempted from a separate reporting requirement under the excessive deficit procedure and instead reported in the framework of its macroeconomic adjustment programme. |
(8) |
In March 2016, Cyprus exited its 3-year macroeconomic adjustment programme, which included the... |
More
This text has been adopted from EUR-Lex.
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.
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.
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.