BESCHIKKING VAN DE RAAD tot intrekking van Beschikking 2005/730/EG betreffende het bestaan van een buitensporig tekort in Portugal

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1.

Tekst

COUNCIL DECISION

of

abrogating Decision 2005/730/EC on

the existence of an excessive deficit in Portugal

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular

Article 104(12) thereof,

Having regard to the recommendation from the Commission,

Whereas:

(1) By Council Decision 2005/730/EC 1 , following a recommendation from the Commission in accordance with Article 104(6) of the Treaty, it was decided that an excessive deficit

existed in Portugal. The Council noted that the planned general government deficit for the

year 2005 was 6,2 % of GDP, above the 3 % of GDP Treaty reference value, while general

government gross debt was expected to reach 66,5 % of GDP, above the 60 % of GDP

Treaty reference value.

(2) On 20 September 2005, in accordance with Article 104(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

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implementation of the excessive deficit procedure , the Council made, based on a recommendation from the Commission, a recommendation addressed to Portugal with a

view to bringing the excessive deficit situation to an end by 2008 at the latest. The

recommendation was made public.

(3) In accordance with Article 104(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.

1

OJ L 274, 20.10.2005, p. 91. 2

OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).

(4) In accordance with the Protocol on the excessive deficit procedure annexed to the Treaty, the Commission provides the data for the implementation of the procedure. As part of the

application of the 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 4 of Council Regulation (EC) No 3605/93 of

22 November 1993 on the application of the Protocol on the excessive deficit procedure

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annexed to the Treaty establishing the European Community .

(5) Based on data provided by the Commission (Eurostat) in accordance with Article 8g(1) of Regulation (EC) No 3605/93 following the notification by Portugal before 1 April 2008

and on the Commission services' spring 2008 forecasts, the following conclusions are

warranted:

­ the general government deficit was reduced from 6,1 % of GDP in 2005 to 3,9 % of GDP in 2006 and to 2,6 % of GDP in 2007, which brings it below the 3 % of GDP

deficit reference value one year before the deadline set by the Council. The latter

compares with a target of 3 % of GDP set in the December 2007 update of the

stability programme of Portugal,

1

OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).

­ both a falling government expenditure-to-GDP ratio and a rising revenue-to-GDP ratio contributed to the improvement in the government balance. The expenditure

ratio declined by 1¼ percentage points of GDP in 2006 and almost ½ of a percentage

point of GDP in 2007. In parallel, the government revenue ratio increased by some

¾ of a percentage point of GDP in both 2006 and 2007. Fiscal consolidation hinged

mainly upon structural measures, with a marginal contribution from a one-off

operation worth 0,1 % of GDP in 2007. The improvement in the structural balance

(i.e. the cyclically-adjusted balance net of one-off and other temporary measures) is

estimated at two percentage points of GDP in 2006 and one percentage point of GDP

in 2007, which is in line with the Council recommendation under Article 104(7) for a

reduction of the structural balance by 1,5 % of GDP in 2006 and, at least, ¾ % of

GDP in 2007,

­ for 2008, the Commission services' spring 2008 forecasts project a further reduction in the deficit, to 2,2 % of GDP, mainly driven by some additional revenue, with the

budgetary execution benefiting from a 0,2 % of GDP one-off deficit-reducing

operation. This is broadly in line with the official deficit targets of 2,4 % of GDP set

in the December 2007 update of the stability programme of Portugal and the revised

target of 2,2 % of GDP announced by the Portuguese authorities in late March 2008.

For 2009, the spring forecasts project, on a no-policy change basis, a government

deficit at 2,6 % of GDP. This indicates that the deficit has been brought below the

3 % of GDP reference value in a credible and sustainable manner,

­ nevertheless, the structural balance is projected to improve by about ¼ percentage point of GDP in 2008 and, on a no-policy change basis, to worsen by ¼ percentage

point of GDP in 2009. This has to be seen against the need to make progress towards

the medium-term objective (MTO) for the budgetary position, which for Portugal is a

structural deficit of 0,5 % of GDP,

­ government debt declined from 64,7 % of GDP in 2006 to 63,6 % of GDP in 2007. The low GDP growth and still relatively high government deficits projected in the

Commission services' spring 2008 economic forecasts are expected to yield a

government debt at some 64¼ % of GDP in 2009.

(6) In the view of the Council, the excessive deficit in Portugal has been corrected and Decision 2005/730/EC should therefore be abrogated,

HAS ADOPTED THIS DECISION:

Article 1

From an overall assessment it follows that the excessive deficit situation in Portugal has been

corrected.

Article 2

Decision 2005/730/EC is hereby abrogated.

Article 3

This Decision is addressed to the Portuguese Republic.

Done at Luxembourg,

For the Council The President

2.

Originele weergave

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3.

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