Decision 2011/417 - 2011/417/EU: Council Decision of 12 July 2011 abrogating Decision 2010/408/EU on the existence of an excessive deficit in Finland - Main contents
16.7.2011 |
EN |
Official Journal of the European Union |
L 187/27 |
COUNCIL DECISION
of 12 July 2011
abrogating Decision 2010/408/EU on the existence of an excessive deficit in Finland
(2011/417/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) |
By Decision 2010/408/EU (1), following a proposal from the Commission in accordance with Article 126(6) of the Treaty, the Council decided that an excessive deficit existed in Finland. In Decision 2010/408/EU, the Council noted that the general government deficit planned for 2010 was 4,1 % of GDP, above the 3 % of GDP Treaty reference value, while general government gross debt was planned to reach 49,9 % of GDP, below the 60 % of GDP Treaty reference value. |
(2) |
On 13 July 2010, in accordance with Article 126(7) of the Treaty 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 (2), the Council adopted, on a recommendation from the Commission, a recommendation addressed to Finland with a view to bringing the excessive deficit situation to an end by 2011 at the latest. The recommendation was made public. |
(3) |
In accordance with Article 126(12) of the Treaty, a Council Decision on the existence of an excessive deficit is to be abrogated when the excessive deficit in the Member State concerned has, in the view of the Council, been corrected. |
(4) |
In accordance with Article 4 of the Protocol (No 12) on the excessive deficit procedure annexed to the Treaties, the Commission provides the data for the implementation of this 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 (3). |
(5) |
Based on data provided by the Commission (Eurostat) in accordance with Article 14 of Regulation (EC) No 479/2009 following the notification by Finland before 1 April 2011 and on the Commission services’ spring 2011 forecast, the following conclusions are warranted:
|
(6) |
It follows from these conclusions that the excessive deficit in Finland has been corrected and Decision 2010/408/EU should therefore be abrogated, |
HAS ADOPTED THIS DECISION:
Article 1
From an overall assessment it follows that the excessive deficit situation in Finland has been corrected.
Article 2
Decision 2010/408/EU is hereby abrogated.
Article 3
This Decision is addressed to the Republic of Finland.
Done at Brussels, 12 July 2011.
For the Council
The President
-
J.VINCENT-ROSTOWSKI
This summary has been adopted from EUR-Lex.