Decision 2014/404 - 2014/404/EU: Council Decision of 20 June 2014 abrogating Decision 2010/282/EU on the existence of an excessive deficit in Austria

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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 28, 2014 and entered into force on June 24, 2014.

2.

Key information

official title

2014/404/EU: Council Decision of 20 June 2014 abrogating Decision 2010/282/EU on the existence of an excessive deficit in Austria
 
Legal instrument Decision
Number legal act Decision 2014/404
Original proposal COM(2014)435 EN
CELEX number i 32014D0404

3.

Key dates

Document 20-06-2014
Publication in Official Journal 28-06-2014; OJ L 190 p. 66-68
Effect 24-06-2014; Entry into force Date notif.
End of validity 31-12-9999
Notification 24-06-2014

4.

Legislative text

28.6.2014   

EN

Official Journal of the European Union

L 190/66
 

COUNCIL DECISION

of 20 June 2014

abrogating Decision 2010/282/EU on the existence of an excessive deficit in Austria

(2014/404/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 2 December 2009, following a recommendation from the Commission, the Council decided, in Decision 2010/282/EU (1), that an excessive deficit existed in Austria. The Council noted that the general government deficit planned for 2009 was 3,9 % of GDP, thus above the 3 % of GDP Treaty reference value, while the general government gross debt was planned to reach 68,2 % of GDP in 2009, thus above the 60 % of GDP Treaty reference value. The general government deficit and debt for 2009 were subsequently revised to 5,5 % and 116,4 % of GDP, respectively.
 

(2)

On 2 December 2009, in accordance with Article 126(7) of the Treaty and Article 3(4) of Council Regulation (EC) No 1467/97 (2), the Council, based on a recommendation from the Commission, addressed a Recommendation to Austria with a view to bringing the excessive deficit situation to an end by 2013 at the latest. That Council 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 that 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 (3).
 

(4)

When considering whether a decision on the existence of an excessive deficit ought to be abrogated, the Council is 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 forecasts indicate that the deficit will not exceed the 3 % of GDP Treaty reference value over the forecast horizon (4).
 

(5)

Based on data provided by the Commission (Eurostat) in accordance with Article 14 of Regulation (EC) No 479/2009, following the April 2014 notification by Austria, the Stability Programme for 2014-18 and the Commission services 2014 spring forecast, the following conclusions are justified:

 

—

After peaking at 4,5 % of GDP in 2010, Austria's general government deficit fell to 2,5 % and thus below the 3 % of GDP Treaty reference value already in 2011. This improvement, compared to the initially planned fiscal outcome, was partly related to the recognition of government expenditure measures for the recapitalisation of the ‘bad bank’ KA Finanz (about 0,4 % of GDP) in the 2012 government accounts, when the resultant impacts were confirmed based on the bank's financial statements. To a smaller extent, the fall in deficit stemmed from lower than planned expenditure at all levels of government and more favourable economic conditions, resulting in higher than projected revenue growth. In 2012, in contrast with both national and Commission forecasts the general government deficit, at 2,6 % of GDP, continued to remain below 3 % of GDP. However, due to looming risks related to possible further financial sector repair operations, which could have resulted in a deficit above 3 % of GDP in following years, the Commission did not recommend early abrogation of the EDP. Those risks have, however, only partly materialised and for 2013, Austria has notified a deficit of 1,5 % of GDP. This further fall in the deficit was largely due to the unexpected size of the one-off measures, involving the sale of the mobile phone...


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This text has been adopted from EUR-Lex.

5.

Original proposal

 

6.

Sources and disclaimer

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7.

Full version

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8.

EU Monitor

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