Decision 2013/314 - 2013/314/EU: Council Decision of 21 June 2013 abrogating Decision 2010/286/EU on the existence of an excessive deficit in Italy

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

2.

Key information

official title

2013/314/EU: Council Decision of 21 June 2013 abrogating Decision 2010/286/EU on the existence of an excessive deficit in Italy
 
Legal instrument Decision
Number legal act Decision 2013/314
Original proposal COM(2013)385 EN
CELEX number i 32013D0314

3.

Key dates

Document 21-06-2013
Publication in Official Journal 26-06-2013; OJ L 173 p. 41-42
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 173/41
 

COUNCIL DECISION

of 21 June 2013

abrogating Decision 2010/286/EU on the existence of an excessive deficit in Italy

(2013/314/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 2010/286/EU (1), that an excessive deficit existed in Italy. The Council noted that the general government deficit planned for 2009 was 5,3 % of GDP, thus above the 3 % of GDP Treaty reference value, while the general government gross debt was planned to reach 115,1 % of GDP in 2009, thus above the 60 % of GDP Treaty reference value (2).
 

(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 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 Italy with a view to bringing the excessive deficit situation to an end by 2012 at the latest. That 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 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 Italy before 1 April 2013, the 2013 Stability Programme, the Commission services’ 2013 spring forecast, and the assessment of additional measures adopted in decree-law 54 of 21 May 2013, the following conclusions are justified:

 

—

After peaking at 5,5 % of GDP in 2009, Italy's general government deficit was steadily brought down and reached 3,0 % of GDP in 2012, which was the deadline set by the Council. The improvement was driven by significant fiscal consolidation, while in 2012 interest expenditure was 0,8 percentage point of GDP higher than in 2009 and the composition of economic activity was tax poorer.
 

—

The stability programme for 2013-17, adopted by the Italian government on 10 April 2013 and endorsed by parliament on 7 May, plans the deficit to decline slightly to 2,9 % of GDP in 2013 and then fall to 1,8 % of GDP in 2014. Based on the no-policy-change assumption, the Commission services' 2013 Spring forecast projects a deficit of 2,9 % of GDP in 2013 and, 2,5 % of GDP in 2014. Both the stability programme and the Spring forecast include the impact of decree-law 35 of 8 April 2013, which provides for the settlement of trade debt arrears owed by the general government sector to private suppliers, for an overall amount of EUR 40 billion (or around 2,5 % of GDP) over 2013-14. While this amount translates into a corresponding...


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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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